Sector Update: Energy Shares Down as Crude Futures End Under $86 a Barrel


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NYMEX Benchmark Crude November: (-1.2%) to $85.92

Top Energy Stocks

XOM: -0.8%

CVX: -1.4%

COP: -0.8%

SLB: -3.9%

OXY: -3.1%

Energy shares are down in late-session trading as crude oil futures finish in the red after the Federal Reserve announced it would take additional economy-boosting measures.

Light, sweet crude oil for November delivery finished down 1.2% to $85.92 a barrel. In other energy futures, heating oil was down 0.37% to $2.95 a gallon while natural gas was down 1.5% to $3.74 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 1.35% to $32.98. The United States Natural Gas ETF ( UNG ) is down 1.26% to $9.39.

The Federal Reserve today moved, as expected, to revive a 1960s-era program dubbed "Operation Twist" involving the sale of short-term bonds and purchasing an equal amount of long-term bonds. The Fed said the program will amount to $400 billion.

In late-session energy news, shares of Hercules Offshore ( HERO ) are down while Bloomberg reports the shallow-water driller said a rig it is operating for a Chevron ( CVX ) subsidiary off the Angola coast will be out of service for six months.

There is damage to one of its legs, the report said.

Hercules shares are down 2.8%, or $0.11, to $3.82.

Meanwhile, shares of Apache Corp. ( APA ) are higher as the company said it will pay $1.75 billion for Exxon Mobil Corp.'s (XOM) U.K. North Sea assets, including the Beryl field and associated properties.

In a statement, Apache said that at the end of 2010, the properties had proved reserves estimated at 68 million barrels of oil equivalent. The deal increases Apache's North Sea production by 54% and proved reserves by 44%. Apache said

it would fund the deal with cash on hand.

Apache shares are down 0.12%, or $0.11, to $94.41.

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: APA , CVX , HERO , UNG , USO

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