Energy shares are lower ahead of the opening bell while the new
July crude contract is seeing little support. The contract is
currently below $98 a barrel. ConocoPhilips (
) shares are down even as Bloomberg reports the oil major received
approval from the Bangladesh government to explore deepwater oil
and gas areas in the Bay of Bengal. COP will do the exploration
with with state-run Bangladesh Oil, Gas and Mineral Corp., the
report said. Meanwhile, Enbridge Energy Management (
) is reportedly initiated with a Buy at Janney Capital. The firm's
price target is $35. Enbridge shares are unchanged ahead of the
open. Among the major US oil producers, ExxonMobil shares are among
those most sharply lower. Shares are off 1.6% to $81.57. The United
States Oil Fund (USO) is off nearly 3% while the United States
Natural Gas fund (UNG) is up 0.4%.
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