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Sector Update: Energy

Energy shares are higher as crude futures extend gains to finish above $86 a barrel. Light, sweet crude oil for March delivery finished up $1.37, or 1.6%, to $86.36 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 1.38% to $36.02. The United States Natural Gas ETF ( UNG ) is down 1.76% to $5.20. In late-session energy news, shares of Exxon Mobil ( XOM ) are up as Reuters reported that a rapid-response system of ships and deepwater gear meant to contain or squelch an oil spill in the Gulf of Mexico is ready for use, citing an executive with the oil major. The $1 billion non-profit Marine Well Containment Company system includes a large "capping stack" of valves and pipes, the report said. These valves and pipes are controlled by underwater robots and can be set on top of a leaking well in 8,000 feet of water.

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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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