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Sector Update: Energy

Energy shares are broadly lower in mid-day trading as crude oil futures slump more than 3% to trade under $86 a barrel, paring much of the week's gains. Light, sweet crude oil for October delivery is trading down 3.5% to $85.95 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is down 3.02% to $33.42. The United States Natural Gas ETF ( UNG ) is down 1.49% to $9.90. Oil's decline comes with a steep drop in equities after neither Federal Reserve Chairman nor President Obama delivered on the hoped for stimulus to get the economy going. In mid-day energy news, Goldman Sachs reportedly downgraded Tesoro ( TSO ) to "sell" from "neutral." Goldman has a price target of $22 on Tesoro shares.

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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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