Sector Update Energy Shares Sharply Lower; Crude Slumps More Than 4%

By Staff,

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NYMEX Benchmark Crude September: (-4.1%) to $88.14

Top Energy Stocks

XOM: -2.8%

CVX: -4.3%

COP: -3.8%

SLB: -4.5%

OXY: -4.1%

Energy shares are sharply lower in mid-day trading while crude oil futures are plunging more than 4% to trade under $88 a barrel at the New York Mercantile Exchange.

Light, sweet crude for September delivery is trading down $4.05 to $87.88 a barrel. In other energy futures, heating oil is down 2.69% to $2.93 a gallon while natural gas is down 3.91% to $3.93 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 4.32% to $34.31. The United States Natural Gas ETF ( UNG ) is down 3.68% at $9.96.

In mid-day news, DryShips ( DRYS ) is down 4.8% to $3.19 a share this morning, after the marine transportation services company announced today that its board of directors has approved the partial spin-off of its interest in the company's majority-owned subsidiary, Ocean Rig UDW Inc. DryShips currently owns 78% of the issued and outstanding common stock.

Meanwhile, shares of Transocean ( RIG ) are down sharply after the company said Q2 revenue was $2.334 billion, down from $2.479 billionbln in the year ago quarter. EPS was $0.48, down from $2.22 per share in the year ago quarter.

According to an analyst survey by FactSet, net income was expected to be $0.80 on revenue of $2.33 billion.

Transocean shares are down 6.56%, or $3.87, to $55.16.

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
Referenced Stocks: DRYS , RIG , UNG , USO

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