Sector Update: Energy Shares Lower; Crude Remains Above $89 a Barrel

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NYMEX Benchmark Crude October: (up $1.76) to $89.95

Top Energy Stocks

XOM: -1.1%

CVX: -1.0%

COP: -0.1%

SLB: -1.5%

OXY: -0.1%

Energy shares are lower in mid-day trading while crude futures near $90 a barrel.

Light, sweet crude for October delivery is trading up $1.76 to $89.95 a barrel. In other energy futures, heating oil is down 0.51% to $2.93 a gallon while natural gas is up 0.89% to $3.88 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 0.61% to $34.63. The United States Natural Gas ETF ( UNG ) is down 2.18% to $10.06.

In mid-day news, shares of U.S. oil major Exxon Mobil ( XOM ) are lower while Bloomberg reports the U.S. oil major is in talks with Russian oil firm Rosneft to develop the Val Shatskogo project on the Black Sea. XOM shares are down 0.74%.

Also, Hercules Offshore ( HERO ) said Tuesday that it has acquired an additional 6.1 million shares of Discovery Offshore S.A., at an average price of NOK 9.02 per share, or $1.62 per share. The company focuses on the ownership of high-specification jackup rigs.

With this latest purchase, HERO has invested $34.1 million in Discovery Offshore, and now holds a 28% ownership interest in the company.

Shares are down 4.48% to $3.84.

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) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities
Referenced Symbols: HERO , UNG , USO , XOM

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