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Sector Update: Energy

Energy shares are even as crude oil futures fall below the $90 a barrel mark after a sharp drop last week in crude inventories was offset by higher-than-expected builds in gasoline and distillates. Light, sweet crude for October delivery traded down 1.6% to $88.74 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is down 1.03% to $34.49. The United States Natural Gas ETF ( UNG ) is up 1.89% to $10.22. The federal Energy Information Administration reported that crude supplies fell 6.7 million barrels, or 1.9%, to 346.4 million barrels compared with the week before. Inventories were 3.1% lower than last year. Analysts were looking for inventories to fall by 2.9 million barrels, according to Platts survey. In mid-day energy news, ADRs of BP ( BP ) are higher as traders react to a report on the Gulf of Mexico oil spill. A federal inquiry into the Deepwater Horizon disaster notes that blame for the incident is to be shared, and the lead cause of the event was the cement job, according to a Dow Jones Newswire report.

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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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