Sector Update: Energy Shares Broadly Lower; Crude Slumps Over 3%


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NYMEX Benchmark Crude October: (-3.5%) to $85.95

Top Energy Stocks

XOM: -2.8%

CVX: -3.5%

COP: -2.3%

SLB: -4.6%

OXY: -3.6%

Energy shares are broadly lower in mid-day trading as crude oil futures slump more than 3% to trade under $86 a barrel, paring much of the week's gains.

Light, sweet crude oil for October delivery is trading down 3.5% to $85.95 a barrel. In other energy futures, heating oil is down 2.54% to $2.96 a gallon while natural gas is down 1.26% to $3.93 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 3.02% to $33.42. The United States Natural Gas ETF ( UNG ) is down 1.49% to $9.90.

Oil's decline comes with a steep drop in equities after neither Federal Reserve Chairman nor President Obama delivered on the hoped for stimulus to get the economy going.

"Bernanke didn't give any further insight into stimulus measures, and Obama's speech has been received very tepidly, which continues to weigh on concerns about the U.S. economy," Matt Smith, a commodities analyst for Summit Energy Services Inc. told Bloomberg.

In mid-day energy news, Goldman Sachs reportedly downgraded Tesoro ( TSO ) to Sell from Neutral. Goldman has a price target of $22 on Tesoro shares.

Tesoro shares are down 3.57%, or $0.87, to $23.48.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
More Headlines for: TSO , UNG , USO

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