NYMEX Benchmark Crude September: (-5.9%) to $82.38
Top Energy Stocks
Energy shares are broadly lower in late trading as crude oil
futures plunge into the close, finishing down nearly 6% for the
Light, sweet crude oil for September delivery finished down 5.9%
to $82.38 a barrel. In other energy futures, heating oil was down
2.61% to $2.88 a gallon while natural gas was down 1.22% to $3.88
per million British thermal units.
In energy ETFs, the United States Oil Fund (
) is down 5.94% to $34.06. The United States Natural Gas ETF (
) is down 0.7% at $9.87.
In late-session energy news, Valero Energy (
) is down after it says it is in the process of restarting units at
its Memphis refinery, which was shut down on Aug. 5 due to a fire
in a crude distillation unit.
The restart will begin with one of the crude distillation units,
FCC, and other key units. The other crude distillation unit is
expected to be restarted by September.
As a result, it lowered its Q3 operating guidance with its
refinery throughput volumes now estimated in the range of 370,000
to 380,000 barrels per day in the Mid-Continent region, which is
down from the original estimate of 420,00
to 430,000 barrels per day.
Also, VLO now expects its system-wide refinery operating
expenses to be $4.05 per barrel in the third quarter, which is
above the original estimate of $3.80 per barrel.
Valero shares are down 8.2% to $19.22.
Meanwhile, shares of Exxon Mobil (
) are down along with the broader market while Reuters reports the
oil major sued the government to reverse a move by the U.S.
Department of the Interior to cancel offshore oil and gas
Exxon argued in a a suit filed in federal court in Louisiana
that the decision deprives the company of its rights under three of
Exxon shares are down 4.29%, or $3.18, to $70.98.