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Sector Update: Energy

Energy shares are down in mid-day trading while crude oil futures are falling back after two session's of gains to trade under $87 a barrel. Light, sweet crude for September delivery is trading up 2.9% to $87.88 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is down 1.64% to $33.66. The United States Natural Gas ETF ( UNG ) is down 1.97% at $9.96. In mid-day news, Statoil ( STO ) is up 1.94% to $23.09 after the Associated Press reported that the Aldous and Avaldsnes oil discoveries together contain between 500 million and 1.2 billion barrels of oil equivalent - a great deal more than previously thought. Meanwhile, ADRs of BP plc ( BP ) are down after Bloomberg reported that the British oil major replaced its head of strategy in an effort to support its share price following the Gulf of Mexico oil spill last year.

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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