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Energy Sector Update for 01/04/2018: XOM, CVX, COP, SLB, OXY, USO, UNG, DO, SU

Top Energy Stocks

XOM: +0.2

CVX: -0.1%

COP: flat

SLB: +0.3

OXY: -2.3%

Energy shares were lower in pre-market trading Thursday, as oil prices nudged higher toward a 2.5-year top, with global benchmark Brent Crude up 0.16% and US crude West Texas Intermediate up 0.47% recently. Political unrest in Iran has raised concerns about supply risks.

The EIA natural gas domestic inventories report is at 10:30 am, followed by the much-watched EIA oil inventories report at 11:00 am.

In overseas news, Aramco reportedly cut its February light oil pricing to US by $0.10 per barrel.

Light, sweet crude oil for February delivery was up 0.3% at $61.93 per barrel, while natural gas was down fractionally at $2.98 per million Btu.

In energy ETFs, the United States Oil Fund ( USO ) was up 0.8% at $12.35 while the United States Natural Gas ETF ( UNG ) was down 0.8% at $5.96.

Expected movers:

- Diamond Offshore Drilling ( DO ): downgraded to Underperform from Hold at Jefferies & Co

Other news:

- Suncor ( SU ): reports Q4 upstream production of 736,000 Boe/day

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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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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