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Sector Update: Energy

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Energy shares are higher in late-session trading while crude oil futures finish at their highest level in two weeks, shrugging off crude oil inventory data. The Energy Information Administration said that crude oil inventories rose 3.9 million barrels in the week ended Nov. 25. Light, sweet crude oil for January delivery finished up 0.6% to $100.36 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is up 0.6% to $38.79. The United States Natural Gas ETF ( UNG ) is down 2.1% to $7.83. In late-session energy news, ConocoPhillips ( COP ) shares are higher on a rumor the U.S. oil and gas company is seeking buyers for its Alliance refinery in Belle Chasse, Louisiana, according to two people familiar with the company's plans, Bloomberg reports. Meanwhile, shares of Transocean ( RIG ) are higher while the offshore oil rig operator announced the proposed public offering of senior notes of its wholly-owned subsidiary, Transocean 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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