drys

Sector Update Energy

Energy shares are sharply lower in mid-day trading while crude oil futures are plunging more than 4% to trade under $88 a barrel at the New York Mercantile Exchange. Light, sweet crude for September delivery is trading down $4.06 to $87.87 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is down 4.32% to $34.31. The United States Natural Gas ETF ( UNG ) is down 3.68% at $9.96. In mid-day energy news, DryShips ( DRYS ) is down 4.8% to $3.19 a share this morning, after the marine transportation services company announced today that its board of directors has approved the partial spin-off of its interest in the company's majority-owned subsidiary, Ocean Rig UDW Inc. DryShips currently owns 78% of the issued and outstanding common stock. Meanwhile, shares of Transocean ( RIG ) are down sharply after the company said Q2 revenue was $2.33 billion, down from $2.479 billionbln in the year ago quarter. EPS was $0.48, down from $2.22 per share in the year ago quarter.

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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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