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Sector Update: Energy

Energy shares are mixed in late trading as crude futures finish lower--closer to $88 a barrel--and crude oil inventories fall. Crude oil for January delivery finished down $0.41, or 0.5%, to $88.28 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 0.37% to $37.94, with muich of its gains coming after crude futures trading ended for the day. The United States Natural Gas ETF ( UNG ) is up 4.13% to $6.31. The U.S Dollar Index (DXY) is up 0.17% to $79.99. In late-session energy-sector news, W&T Offshore ( WTI ) is down after BP Plc ( BP ) said it exercised its right to buy out Royal Dutch Shell Plc's interests in two fields in the Gulf of Mexico, preempting the sale to WTI, Bloomberg reports. Also, shares of Spectra Energy ( SE ) are just higher in late trading after the natural gas infrastructure firm forecast 2011 profit about 15 percent higher than its current-year target. Still the project was just below Wall Street estimates.

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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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