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Sector Update: Energy

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Energy shares are down in late trading as new data showed oil inventories rose and crude oil futures fell to close below $110 a barrel. Light, sweet crude oil for June delivery finished down 1.6% to $109.24 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is down 1.57% to $43.39. The United States Natural Gas ETF ( UNG ) is down 1.91% to $11.82. Earlier today, the Energy Information agency reported that oil inventories rose 3.4 million barrels last week, weighing on prices. Analysts polled by Platts had expected crude supplies to rise 1.7 million barrels. In late-session energy news, ConocoPhillips ( COP ) is seeing downside pressure as Bloomberg reports that a Saudi Arabian buyer could bid along with German businessman Carsten Hippenstiel for the oil major's Wilhelmshaven refinery in Germany, citing broadcaster NDR. Meanwhile, shares of Chevron ( CVX ) are down as the Associated Press reports the oil major said it will buy 228,000 acres in the Marcellus Shale from Chief Oil & Gas LLC and Tug Hill, Inc. The purchase gives Chevron an additional 5 trillion cubic feet of natural gas reserves in the Marcellus leasehold.

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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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