Sector Update: Energy

By Staff,

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Energy shares are off session highs but still in mostly positive territory as crude oil futures slipped throughout the day to close below $88 a barrel. Light, sweet crude oil for March delivery finished down $1.55, or 1.7%, to $87.48 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is down 1.73% to $36.69. The United States Natural Gas ETF ( UNG ) is down 4.67% to $5.59. In late-session energy news, Chevron ( CVX ) shares have remained in positive territory but are off session highs as the oil major plans to pay Atlas Energy ( ATLS ) an additional 10 cents a share to settle litigation when its $3.59 billion acquisition is completed, Bloomberg reports. The settlement comes in response to Atlas shareholder lawsuits that claim company directors violated fiduciary duties by agreeing to an inadequate merger price. Chevron shares are up 0.69%, or $0.67, to $97.78. The session high is $98.23.

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 Stocks: ATLS , CVX , UNG , USO

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