Sector Update: Energy

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Energy shares are flat in pre-market, while crude oil futures are down toward $103 per barrel.

Light, sweet crude oil for September delivery is down $0.47 per share at $103.90 per barrel. In other energy futures, heating oil is down $0.01 per share at $2.96 a gallon while natural gas is down $0.01 at $3.24 per million British thermal units.

In energy ETFs , the United States Oil Fund ( USO ) is flat at $37.01. The United States Natural Gas ETF ( UNG ) is up 0.17% at $17.21.

In other energy news, oil and gas services company Tetra Technologies ( TTI ) said it's reducing its full-year earnings guidance after its Q2 loss widened and revenue fell, with both figures coming in below consensus forecasts.

The company had a loss of $0.22 per share compared with a net loss of $0.08 per share in the year-ago period. Net income excluding the loss from its Maritech unit was $0.16 compared with $0.22 on that basis last year and below forecasts for $0.21. Consolidated revenues fell to $221.1 million versus $234.9 million last year and below forecasts for $248 million.

Tetra said it's lowering its earnings guidance range for the 2013 fiscal year to $0.70 to $0.75 per fully diluted share, excluding the impact of the Maritech segment and employee severance costs.



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.

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This article appears in: Investing , Commodities

Referenced Stocks: TTI , UNG , USO

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