Energy shares are are slumping across the board as the broader market weighs on the sector and crude oil futures fall below $98 a barrel. Light, sweet crude oil for July delivery is trading up 2.1% to $99.37 a barrel. In energy ETFs, the United States Oil Fund (USO) is down 1.87% to $38.37. The United States Natural Gas ETF (UNG) is down 0.17% at $11.61. In mid-day news, shares of Chevron ( CVX ) are down even as Reuters reports that the oil major managed to secure a shale gas exploration permit from the Bulgarian government for exploration work at a potentially large field in the northeastern part of that country. The permit is for five years, the report said. The field is initially estimated with potential reserves of between 300 billion and 1 trillion cubic metres of shale gas.
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