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Sector Update: Energy

Energy shares were flat in pre-market trading Wednesday, as crude-oil futures dropped.

Light, sweet crude oil for August delivery was down 0.3% at $103.13 per barrel. In other energy futures, heating oil was flat at $2.87 per gallon while natural gas was up 0.1% at $4.21 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) was down 0.5% at $37.98. The United States Natural Gas ETF ( UNG ) was down 0.6% at $23.15.

In other energy news, Synergy Resources ( SYRG ) shares were down 3.4% at $12.01 after the oil-and-gas operator reported earnings for the quarter ended May 31, 2014 matched expectations, but revenue fell short of analysts' estimates despite a 108% increase due to a year-over-year improvement in production.

The company reported Q3 net income of $7.2 million, or $0.09 per diluted share, up 98% from $3.6 million or $0.06 per diluted share in the same year-ago period. Analysts polled by Capital IQ were expecting EPS of $0.09.

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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