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Sector Update: Energy Shares Drop Along With Broader Market; Crude Plunges 5%

NYMEX Benchmark Crude September: (-5.2%) to $83.07

Top Energy Stocks

XOM: -3.8%

CVX: -4.4%

COP: -3.6%

SLB: -4.4%

OXY: -5.6%

Energy shares are lower in mid-day trading along with the broader market as crude oil futures pare gains from the last several days to trade down 5.2%.

Light, sweet crude for September delivery is trading down 5.2% to $83.07 a barrel. In other energy futures, heating oil is down 2.76% to $2.87 a gallon while natural gas is down 0.81% to $3.90 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 4.88% to $32.35. The United States Natural Gas ETF ( UNG ) is down 0.8% at $9.96.

In mid-day energy news, shares of Exxon Mobil ( XOM ) are down along with the broader market, while Reuters reports the oil major sued the givernment to reverse a move by the U.S. Department of the Interior to cancel offshore oil and gas leases.

Exxon argued in a suit filed in federal court in Louisiana that the decision deprives the company of its rights under three of five leases.

Exxon shares are down 4.09%, or $3.03, to $71.11.

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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