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Sector Update: Energy Shares Firmly Lower as Crude Futures Tumble 2% to Close Below $92 a Barrel

NYMEX Benchmark Crude September: (-2%) to $91.93

Top Energy Stocks

XOM: -1.3%

CVX: -1.8%

COP: -1.4%

SLB: -1.8%

OXY: -2.0%

Energy shares are down in late trading as crude oil futures come off session lows but are still firmly in the red, closing below $92 a barrel.

Light, sweet crude oil for September delivery finished down 2% to $91.93 a barrel. In other energy futures, heating oil was up 2.25% to $3.02 a gallon while natural gas was down 1.32% to $4.10 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 1.68% to $35.79. The United States Natural Gas ETF ( UNG ) is down 1.53% at $10.33.

The federal Energy Information Administration reported today that crude supplies rose by 1 million barrels to 355 million barrels, a 0.03% gain, while gasoline stockpiles rose by 1.7 million barrels, or 0.8%, to 215.2 million barrels at the height of the summer driving season.

Analysts expected an increase of 2 million barrels of crude for the week ended July 29, but forecast gasoline supplies to increase by only 350,000 barrels.

In late-session energy stocks, Exxon Mobil ( XOM ) and Chevron ( CVX ) shares are firmly in the red. Both Dow components, Exxon shares are down 0.9% while Chevron is down 1.3%.

Also, Petrohawk ( HK ) is up 0.24% to $38.23 a share after it reported its Q2 earnings figures.

The company said its Q2 EPS was $0.34, which beats by $0.13. Revenue increased 70% from the previous year period to $595 million, beating estimates by $31 million.

Petrohawk shares are up 0.16%, or $0.06, to $38.20.

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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