Sector Update: Energy

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Energy shares are lower ahead of the opening bell while the new July crude contract is seeing little support. The contract is currently below $98 a barrel. ConocoPhilips ( COP ) shares are down even as Bloomberg reports the oil major received approval from the Bangladesh government to explore deepwater oil and gas areas in the Bay of Bengal. COP will do the exploration with with state-run Bangladesh Oil, Gas and Mineral Corp., the report said. Meanwhile, Enbridge Energy Management ( EEQ ) is reportedly initiated with a Buy at Janney Capital. The firm's price target is $35. Enbridge shares are unchanged ahead of the open. Among the major US oil producers, ExxonMobil shares are among those most sharply lower. Shares are off 1.6% to $81.57. The United States Oil Fund (USO) is off nearly 3% while the United States Natural Gas fund (UNG) is up 0.4%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities
Referenced Symbols: COP , EEQ

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