Sector Update: Energy Shares Mixed in Late Trading; Crude Up Throughout Session; Settles Near $89 a Barrel


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NYMEX Benchmark Crude October: (+1.9%) to $88.90

Top Energy Stocks

XOM: -0.7%

CVX: -0.6%

COP: -0.4%

SLB: +0.2%

OXY: +0.3%

Energy shares are mixed in late-session trading as crude oil futures close near $89 a barrel at the New York Mercantile Exchange.

Light, sweet crude oil for October delivery finished up 1.9% to $88.90 a barrel. In other energy futures, heating oil was up 1.98% to $3.06 a gallon while natural gas was up 2.01% to $3.90 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 1.5% to $34.47. The United States Natural Gas ETF ( UNG ) is up 2.02% to $9.86.

In late-session energy news, ADRs of China Petroleum & Chemical Corp. ( SNP ) are down after Bloomberg reports the refiner is planning to collaborate with overseas companies to boost its search for shale gas resources.

Citing comments from Sinopec Chairman Fu Chengyu, the report indicated that Sinopec would join Cnooc to pursue technology to help in its pursuit of shale gas wells in China.

Sinopec shares are down 0.47%, or $0.46, to $97.10.

Meanwhile, shares of Exxon Mobil ( XOM ) are down after it announced a deal with Russian oil major Rosneft under which the companies plan to undertake joint exploration and development of hydrocarbon resources in Russia, the United States and other countries.

The deal includes $3.2 billion exploration program for Kara Sea and Black Sea and the establishment of joint Arctic Research and Design Center for Offshore Development in St. Petersburg.

There will also be joint operations to develop Western Siberia tight oil resources.

Exxon Mobil shares are down 0.8%, or $0.60, to $73.52.

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
More Headlines for: SNP , UNG , USO , XOM

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