Energy Sector Update for 06/20/2017: XOM, CVX, COP, SLB, OXY, VSLR, EGN

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Top Energy Stocks

XOM: -0.9%

CVX: -1.1%

COP: -1.4%

SLB: -2%

OXY: -2.1%

Energy shares were in negative territory at mid-day Tuesday, with crude oil prices on track to sink to the lowest level since August. Investors were concerned that the rising output from the U.S. and Libya have offset the production cuts imposed by the Organization of the Petroleum Exporting Countries.

Light, sweet crude oil for July delivery was down 2.6% at $43.05 per barrel. In other energy futures, heating oil was down 1.1% at $1.40 per gallon while natural gas was 0.1% higher at $2.92 British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) was down 2.3% at $8.91 while the United States Natural Gas ETF ( UNG ) was down 0.1% at $6.53.

In energy stocks news, Schlumberger NV ( SLB ) was down 2% after it urged its shareholders to reject the unsolicited mini-tender offer by TRC Capital Corporation to acquire up to 2 million shares of the company's common stock, representing 0.14% of the company's outstanding stock, for $65.63 per share. The offer price represents a 3.6% discount from the stock's previous close.

In other sector news,

(+) VSLR, (19.5%) Goldman Sachs upgrades shares to buy from neutral

(-) EGN (4.8%) Boosts 2017 production outlook; ends strategic review and decides to follow current business plan

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Energy
Referenced Symbols: USO , UNG , SLB , XOM , CVX

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