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Energy Sector Update for 08/07/2018: USO, UNG, XOM, BCEI

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Top Energy Stocks

XOM: + 0.9%

CVX: + 0.6%

COP: -0.3%

SLB: flat

OXY: +0.2%

Energy shares were steady in pre-market trading Tuesday.

Ahead, the American Petroleum Institute reports weekly industry estimates of crude and refined product stocks for last week at 4:30 pm EDT. Expectations are for a 3.367 million barrels decline in crude inventories, a 1.433 million barrels drop in gasoline supplies and a 100,000 barrels fall in distillates. On Wednesday, the Energy Information Administration will release official data at 10:30 am EDT.

Light, sweet crude oil for September delivery was up 1.0% at $69.72 per barrel, while natural gas was up fractionally at $2.86 per million Btu.

In energy ETFs, the United States Oil Fund ( USO ) was up 1.3% at $14.50 while the United States Natural Gas ETF ( UNG ) was up 0.7% at $23.59.

Expected movers:

- Exxon Mobil ( XOM ): reportedly close to discovering large oil reserves in Pakistan

- Bonanza Creek Energy ( BCEI ): sells Mid-Continent operations for $117 million

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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