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Sector Update: Energy

Energy shares are lower, while crude futures trade above $89 a barrel at mid-day. Light, sweet crude for October delivery is trading up $1.20 to $89.31 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 0.61% to $34.63. The United States Natural Gas ETF ( UNG ) is down 2.18% to $10.06. In mid-day news, shares of U.S. oil major Exxon Mobil ( XOM ) are lower, while Bloomberg reported that the U.S. oil major is in talks with Russian oil firm Rosneft to develop the Val Shatskogo project on the Black Sea. XOM shares are down 0.74%. Also, Hercules Offshore ( HERO ) said Tuesday that it has acquired an additional 6.1 million shares of Discovery Offshore S.A. for an average price of NOK 9.02 per share, or $1.62 per share. The company focuses on the ownership of high-specification jackup rigs.

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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