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Sector Update: Energy Shares Add to Losses as Crude Slips to Close Below $78 a Barrel

Posted
10/3/2011 3:07:00 PM
By: MT Newswires
Referenced Stocks:HERO;UNG;USO;XOM

NYMEX Benchmark Crude November: (-2%) to $77.61

Top Energy Stocks

XOM: -1.1%

CVX: -2.3%

COP: -3.3%

SLB: -2.1%

OXY: -3.4%

Energy shares have added to declines as crude oil futures tip to give up early gains to close below $78 a barrel.

Light, sweet crude oil for November delivery finished down 2% to $77.61 a barrel. In other energy futures, heating oil was down 1.82% to $2.75 a gallon while natural gas was down 1.36% to $3.67 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 2.03% to $29.87. The United States Natural Gas ETF ( UNG ) is down 1.5% to $8.87.

In late-session energy news, shares of Exxon Mobil ( XOM ) are down as Reuters reports the oil major is increasing production rates at its Billings, Montana refinery after it was restarted.

The refinery had operated at lower rates after the Silvertip crude oil pipeline was shuttered July 1, the report noted.

Exxon Mobil shares are down 1.64%, or $1.19, to $71.43.

Meanwhile, Hercules Offshore ( HERO ) is down after it says the Starfish, a 140 class liftboat, capsized after being struck by multiple waterspouts late in the evening on Sept. 30.

It is insured for damage to the Starfish up to the insured value of $2.5 million, subject to a $1 million deductible. The deductible does not apply in the event the vessel is a total loss. HERO says it also carries removal of wreck insurance, subject to a $250,000 deductible.

Hercules Offshore shares are down 11%, or $0.32, to $2.59.