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Sector Update: Energy

Energy shares are down in mid-day trading as crude oil futures slide below $110 a barrel at the New York Mercantile Exchange in the face of rising U.S. oil inventories. Light, sweet crude for June delivery traded down 1.8% to $109.04 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is down 1.75% to $43.31. The United States Natural Gas ETF ( UNG ) is down 0.41% to $12. In mid-day news, shares of Chevron ( CVX ) are down after the Associated Press reported that 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. 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.

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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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