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Sector Update: Energy

Energy shares have come off session lows but are still sitting mostly in the red in late trading as crude oil futures finished the day up 4.5% after several sessions of declines. Light, sweet crude oil for September delivery finished up 4.5% to $82.89 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 1.96% to $32.24. The United States Natural Gas ETF ( UNG ) is down 0.15% at $10.11. In late-session energy news, the slip in Exxon Mobil ( XOM ) shares has sent the market value of the oil major - heretofore the most valuable company in the world as judged by market capitalization - below that of computer maker Apple ( AAPL ). Meanwhile, Ultra Petroleum ( UPL ) reported Q2 EPS of $0.67, which tops analyst expectations by $0.01. Revenue increased 9% from the previous year period to $281 million, missing by $49 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.

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