Energy shares are mixed and trending lower as the market makes massive swings in highly volatile trading. Crude futures finished down over 2% below $80 a barrel. In its statement, the Federal Reserve's Open Market Committee said it sees inflation moderating with the drop in commodity prices. The Fed said it would keep rates low at least through mid-2013. Light, sweet crude oil for September delivery finished down 2.5% to $79.30 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is down 3.52% to $30.40. The United States Natural Gas ETF ( UNG ) is up 1.2% at $10.10. In late-session energy news, ADRs of BP plc ( BP ) are higher after the British oil major sued Renova, one of the shareholders of its Russian joint venture TNK-BP, Reuters reported. Meanwhile, Northern Oil and Gas, Inc. ( NOG ) is up 13.3% to $15.01 a share after it announced Q2 fully diluted EPS of $0.33 and revenue of approximately $35.5 million. Analysts expected EPS of $0.19 and revenue of $39.07 million.
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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.
