Energy shares are higher in mid-day trading while crude oil futures pared prior-session losses to trade above $87 a barrel. Light, sweet crude for September delivery is trading up $1.10 at $87.75 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 0.95% to $33.77. The United States Natural Gas ETF ( UNG ) is up 0.6% at $10. Crude supplies rose by 1.7 million barrels for the week ended Aug, 12, the American Petroleum Institute trade group reported late Tuesday. Gasoline inventories dropped by 5.4 million barrels. Distillate inventories fell 1.3 million barrels. In mid-day news, shares of Southern Union ( SUG ) are higher as the company gets affirmation from Williams ( WMB ) late Tuesday that it still wants to buy Southern Union for $44 per share in cash.
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