Markets

Sector Update: Energy Shares Gain as Crude Futures Jump to Trade Over $101 a Barrel

NYMEX Benchmark Crude July: (+2.53%) to $101.58

Top Energy Stocks

XOM: +1.4%

CVX: +0.9%

COP: +1.0%

SLB: +1.7%

OXY: +2.2%

Energy shares are trending higher as crude oil futures jump over 2% through the first half of the session to top $101 a barrel.

Light, sweet crude oil for July delivery traded up 2.53% to $101.58 a barrel. In other energy futures, heating oil was up 0.86% to $3.10 a gallon while natural gas was down 0.14% to $4.82 per million British thermal units.

In energy ETFs, the United States Oil Fund (USO) is up 2.64% to $40.08. The United States Natural Gas ETF (UNG) is down 0.08% at $12.22.

The Organization for Petroleum Exporting Countries did not reach an agreement on crude oil production as six countries opposed a Saudi Arabia-led coalition to raise output.

In mid-day energy news, Exxon Mobil (XOM) shares are higher after the company said this morning that it made three deepwater discoveries in the Gulf of Mexico.

The discoveries have a combined estimated reserves of 700 million barrels of oil equivalent.

"We estimate a recoverable resource of more than 700 million barrels of oil equivalent combined in our Keathley Canyon blocks," said Steve Greenlee, president of ExxonMobil Exploration, in a statement. "This is one of the largest discoveries in the Gulf of Mexico in the last decade. More than 85 percent of the resource is oil with additional upside potential."

Exxon shares are up 1.44%, or $1.15, to $81.15.

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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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