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Sector Update: Energy

Energy shares are lower in late trading after crude finished down over 2%. Light, sweet crude oil for January delivery finished down 2.1% to $98.34 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is down 2.11% to $37.99. The United States Natural Gas ETF ( UNG ) is up 0.53% to $7.59. In late-session energy news, shares of Transocean ( RIG ) are lower after Goldman Sachs starts new coverage with a sell rating, according to media reports. Shares of Exxon Mobil ( XOM ) are down while MarketWatch reports the oil major expects demand for electricity will push the energy industry. The comments came as a part of its Energy Outlook. The report concluded that natural gas will gain market share while oil will remain the most widely-used fuel.

XOM shares are down 1.2%.

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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