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Sector Update: Energy Shares Fairly Flat Pre-Market as Crude Futures Drop

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Top Energy Stocks

XOM: -0.22%

CVX: -0.03%

COP: flat

SLB: -0.06%

OXY: flat

Energy shares traded generally flat to lower in pre-market trade Thursday as crude oil futures were lower.

Light, sweet crude oil for July delivery was down 0.52% at $103.04 per barrel. In other energy futures, heating oil was down 0.46% at $2.91 per gallon while natural gas was down 0.26% at $4.55 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) was down 0.53% at $37.71. The United States Natural Gas ETF ( UNG ) was flat at $25.30.

In other energy news, French energy powerhouse Total SA ( TOT ), along with its partners in the Joslyn north oil sands project, unanimously decided to put the C$11 billion project on hold because of rising cost pressures across the entire energy industry, said Andre Goffart, the head of Total's Canadian division, as reported by the Globe and Mail newspaper.

Total controls 38.25% of the mine, Suncor Energy Inc. (SU.TO, SU) holds 36.75%, Occidental Petroleum Corp. owns 15% and Japan's Inpex Corp. holds the remaining 10%. Suncor, which did not join the Joslyn effort until 2010, said the project could be revived, according to the Globe report.

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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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