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Energy Sector Update for 08/06/2018: USO, UNG, KOS, LONE

Top Energy Stocks

XOM: flat

CVX: flat

COP: flat

SLB: flat

OXY: flat

Energy shares were steady in pre-market trading Monday. Saudi Arabia said on Saturday it has resumed all oil shipments through the strategic Red Sea shipping lane of Bab al-Mandeb that had been halted since July 25 after attacks on two oil tankers by Yemen's Iran-aligned Houthi movement.

"The decision to resume oil shipment through the strait of Bab al-Mandeb was made after the leadership of the coalition has taken necessary measures to protect the coalition states' ships," Energy Minister Khalid al-Falih said in the ministry statement. Saudi Aramco confirmed that shipping had resumed effective immediately.

Light, sweet crude oil for September delivery was up 1.1% at $69.22 per barrel, while natural gas was down fractionally at $2.82 per million Btu.

In energy ETFs, the United States Oil Fund ( USO ) was up 0.8% at $14.38 while the United States Natural Gas ETF ( UNG ) was down 0.7% at $23.18.

Expected movers:

- Kosmos Energy ( KOS ): posts wider-than-expected Q2 loss, to buy Deep Gulf Energy for $1.23 billion

- Lonestar ( LONE ): posts mixed Q2

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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