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Sector Update: Energy

Energy shares are broadly lower in mid-day trading along with the broader market as crude oil futures pare gains from the last several days to trade down 5.2%. Light, sweet crude for September delivery is trading down 5.2% to $83.07 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is down 4.88% to $32.35. The United States Natural Gas ETF ( UNG ) is down 0.8% at $9.96. In mid-day news, shares of Exxon Mobil ( XOM ) are down along with the broader market while Reuters reports the oil major sued the givernment to reverse a move by the U.S. Department of the Interior to cancel offshore oil and gas leases. Exxon argued in a suit filed in federal court in Louisiana that the decision deprives the company of its rights in three of five leases.

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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