Sector Update: Energy Shares Deep in Red; Crude Oil Futures Finish Off Session Lows

By Staff,

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NYMEX Benchmark Crude October: (-2%) to $87.24

Top Energy Stocks

XOM: -2.8%

CVX: -3.5%

COP: -2.3%

SLB: -4.6%

OXY: -3.6%

Energy shares have remained deep in the red along with an extremely bearish day in the broader equities market. Crude oil futures managed to come back somewhat by the closing bell to finish above $87.

Light, sweet crude oil for October delivery finished down 2% to $87.24 a barrel. In other energy futures, heating oil was down 1.75% to $2.99 a gallon while natural gas was down 1.51% to $3.92 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 1.94% to $33.79. The United States Natural Gas ETF ( UNG ) is down 1.74% to $9.88.

Today's decline in oil - while it bounced back somewhat in late trading - came 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.

In late-session energy news, ADRs of Royal Dutch Shell ( RHHBY ) are down in late trading as MarketWatch reports the European oil giant - along with the U.K.'s Tullow Oil - struck oil 93 miles off the coast of South America.

Shell ADRs are down 1.85%, or $0.75, to $39.72.

Meanwhile, Goldman Sachs reportedly downgraded Tesoro ( TSO ) to Sell from Neutral. Goldman has a price target of $22 on Tesoro shares.

Tesoro shares are down 4.6%, or $1.12, to $23.23.

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
Referenced Stocks: RHHBY , TSO , UNG , USO

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