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Sector Update: Energy

Energy shares are down in late trading as crude oil futures come off session lows but are still firmly in the red, closing below $92 a barrel. Light, sweet crude oil for September delivery finished down 2% to $91.93 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is down 1.68% to $35.79. The United States Natural Gas ETF ( UNG ) is down 1.53% at $10.33. The federal Energy Information Administration reported today that crude supplies rose by 1 million barrels to 355 million barrels, a 0.03% gain, while gasoline stockpiles rose by 1.7 million barrels, or 0.8%, to 215.2 million barrels at the height of the summer driving season. Analysts expected an increase of 2 million barrels of crude for the week ended July 29, but forecast gasoline supplies to increase by only 350,000 barrels. In late-session energy stocks, Exxon Mobil ( XOM ) and Chevron ( CVX ) shares are firmly in the red. Both Dow components, Exxon shares are down 0.9% while Chevron is down 1.3%.

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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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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