Sector Update: Energy Shares Move Lower as Crude Futures Drop Below $83 a Barrel


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NYMEX Benchmark Crude January: -$2.34 (-2.82%) to $82.49

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XOM: -2.6%

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Energy shares have moved solidly lower in mid-day trading as crude oil futures continue to slide. The January contract is now trading under $83 a barrel.

Crude oil for January delivery is trading down $2.34, or 2.82%, at $82.49 a barrel. In other energy futures, heating oil is down 2.38% to $2.31 a gallon while natural gas fell 0.23%, to $3.83 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 2.49% to $35.59. The United States Natural Gas ETF ( UNG ) is down 0.9% to $5.50.

In sector news, Nexen ( NXY ) said output at its Long Lake oil sand project will stay below its design rate through 2011 as it works out wrinkles in that project, reports Reuters.

The company sees production between 38,000 and 45,000 barrels per day of bitumen next year from its Long Lake facility, the report notes.. Nexen also sees ending 2011 still producing less than the design rate of the facility, the report said.

Nexen's U.S.-traded shares are down 5.2%, or $1.15, to $21.04.

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This article appears in: Investing , Commodities
More Headlines for: NXY , UNG , USO

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