Sector Update: Energy Shares Lower; Crude Oil Futures Slip Over 3% by the Close

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NYMEX Benchmark Crude May: (-3.3%) to $106.25

Top Energy Stocks

XOM: -2.3%

CVX: -3.3%

COP: -3.3%

SLB: -3.1%

OXY: -3.5%

Energy shares are lower in late trading as crude oil futures extend early-session losses to close below $107 a barrel.

Light, sweet crude oil for May delivery finished down 3.3% to $106.25 a barrel. In other energy futures, heating oil was down 1.87% to $3.25 a gallon while natural gas was up 1.19% to $4.08 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 2.9% to $42.36. The United States Natural Gas ETF ( UNG ) is down 0.37% to $10.74.

In late-session energy news, ADRs of Statoil ASA ( STO ) are down as Bloomberg reports that the oil producer--the largest in Norway--is looking at selling a portion of its 28.5% stake in Norwegian gas-pipeline network Gassled to free up capital.

Already, Exxon Mobil ( XOM ) agreed last year to sell its 9.43% stake in the network to Njord Gas Infrastructure.

Statoil ADRs are down 3.3%, or $0.97, to $27.89.

Meanwhile, Blackstone ( BX ) shares are up after it and Alta Resources announced today the formation of Alta Energy Partners, and a concurrent commitment to invest up to $1 billion via this entity to acquire and develop unconventional oil and gas assets in North America.

Blackstone shares are up 0.39%, or $0.07, to $18.07.



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: BX , STO , UNG , USO , XOM

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