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Sector Update: Energy

Energy shares have firmed through the first half of the regular session while crude oil futures surge along with the broader equities market. Light, sweet crude for November delivery is trading up 4.49% to $83.85 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 2.83% to $32.36. The United States Natural Gas ETF ( UNG ) is up 0.32% to $9.47. In mid-day news, shares of ConocoPhillips ( COP ) are higher after the U.S. oil major said it is looking for a buyer for its 185,000 barrel-per-day refinery and associated pipelines and terminals in Trainer, Pa. ConocoPhillips will immediately begin the process of idling the facility and will permanently close the plant in six months if a sales transaction is unsuccessful.

The company expects to recognize a non-cash asset impairment of approximately $300 million after tax in its Q3 financial results.

COP shares are up 1.62%, or $1.04, to $65.17.

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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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