Sector Update: Energy Shares Higher in Late Trading; Crude Surge Tops 2% Gains in August Contract

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NYMEX Benchmark Crude August: (+2.4%) to $97.43

Top Energy Stocks

XOM: +1.2%

CVX: +1.4%

COP: +0.5%

SLB: -0.5%

OXY: +1.8%

Energy shares are higher in late trading while crude oil future stages a strong rally to top $97 a barrel by the close of trading at the New York Mercantile Exchange.

Light, sweet crude oil for August delivery finished up 2.4% to $97.43 a barrel. In other energy futures, heating oil was down 0.18% to $3.08 a gallon while natural gas was up 0.89% to $4.32 per million British thermal units.

In energy ETFs, the United States Oil Fund (USO) is up 2.31% to $38.15. The United States Natural Gas ETF (UNG) is up 1.21% at $10.91.

In late-session energy news, shares of Chevron ( CVX ) are higher in late trading as Reuters reports the US oil major said it expects to begin drilling its first deepwater well off the Liberian coast in the fourth quarter.

Last year, the government of Liberia, a West African nation, approved Chevron's investment in the blocs off the coast.

Chevron shares are up 1.45%, or $1.45, to $105.86.

Meanwhile, Northland reportedly upgraded Clean Energy ( CLNE ) to Outperform from Market Perform.

The firm cited Chesapeake Energy's ( CHK ) $150M investment in the company to help fund the development of a national LNG fueling station network.

Shares are up 16.46% to $15.27.



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

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


This article appears in: Investing , Commodities

Referenced Stocks: CHK , CLNE , CVX

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