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Sector Update: Energy Shares Gain in Late Trading; Crude Oil Futures Back Off Session Highs

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NYMEX Benchmark Crude October: (+1.2%) to $85.44

Top Energy Stocks

XOM: +3.4%

CVX: +2.9%

COP: +2.3%

SLB: +3.0%

OXY: +1.4%

Energy shares are higher in late-session trading as crude oil futures back off session highs but still finish above $85 a barrel.

Light, sweet crude oil for October delivery finished up 1.2% to $85.44 a barrel. In other energy futures, heating oil was up 0.92% to $2.93 a gallon while natural gas was up 2.62% to $3.99 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 1.62% to $33.25. The United States Natural Gas ETF ( UNG ) is up 3.44% at $10.08.

In late-session energy news, shares of Exxon Mobil ( XOM ) are higher as Reuters reports the oil major is expected to start drilling a bypass to the 40,000 barrel per day oil pipeline in Montana.

The portion of the Silvertip pipeline where the bypass will be does not include the section that failed in July, causing a spill in the Yellowstone river, the report said.

Exxon shares are up 4.17%, or $2.93, to $73.13.

Meanwhile, ADRs of Royal Dutch Shell (RDS.A) are higher as Bloomberg reports Europe's largest oil company is among energy producers that have discussed a partnership to fund exploration of Papua New Guinea with Oil Search Ltd., that country's largest oil and gas producer.

Oil Search may be able to sign an agreement with a partner next year, the report says.

Royal Dutch Shell ADRs are up 2.81%, or $1.77, to $64.85.

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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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