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Sector Update: Energy

Energy shares are higher in late-session trading as crude oil futures advanced to finish up over 2% to top $87 a barrel. Light, sweet crude oil for October delivery finished up 2.2% to $87.27 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 2.17% to $33.87. The United States Natural Gas ETF ( UNG ) is adding 2.23% to $9.66. In late-session energy news, Venoco ( VQ ) is up after it says its board of directors has received a non-binding proposal from Timothy M. Marquez, Chairman and CEO of the company and the holder of approximately 50.3% of Venoco's outstanding common stock, to acquire all of the outstanding shares of Venoco common stock for $12.50 per share in cash. Meanwhile, Cimarex Energy ( XEC ) shares are higher after the company said its board of directors has appointed a new chief executive officer and a new chief operating officer as part of the company's succession plan.

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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