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Sector Update: Energy

Energy shares are broadly lower in late trading as crude oil futures plunge into the close, finishing down nearly 6% for the day. Light, sweet crude oil for September delivery finished down 5.9% to $82.38 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is down 5.94% to $34.06. The United States Natural Gas ETF ( UNG ) is down 0.7% at $9.87. In late-session energy news, Valero Energy ( VLO ) is down after it says it is in the process of restarting units at its Memphis refinery, which was shut down on Aug. 5 due to a fire in a crude distillation unit. The restart will begin with one of the crude distillation units, FCC, and other key units. The other crude distillation unit is expected to be restarted by September. Meanwhile, shares of Exxon Mobil ( XOM ) are down along with the broader market while Reuters reports the oil major sued the government to reverse a move by the U.S. Department of the Interior to cancel offshore oil and gas leases.

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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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