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Sector Update: Energy Shares Down As Crude Future Drop Toward $97 Per Barrel

By: MT Newswires
Posted: 10/23/2013 8:33:00 AM
Referenced Stocks: GE;UNG;USO

Top Energy Stocks

XOM: -0.55%

CVX: -0.12%

COP: -0.35%

SLB: -0.33%

OXY: -0.27%

Energy shares are lower in pre-market, while crude oil futures are also lower.

Light crude oil for November delivery is trading down $1.23 at $97.07 a barrel.

In other energy futures, heating oil is down $0.01 at $2.98 a gallon while natural gas is up $0.02 at $3.60 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 1.58% at $34.85. The United States Natural Gas ETF ( UNG ) is up 0.11% at $18.45.

In other energy news, GE ( GE ) is down 0.7% at $25.85 in pre-market after saying it will sell its turbine rental business to APR Energy in return for cash and approximately 16.5 percent of APR Energy, making GE a key strategic investor in the company.

Additionally, GE and APR Energy have entered into a supply and services agreement that will continue to provide support to current and future clients of APR Energy.