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Sector Update: Energy Shares Higher in Late Trading; Crude Futures Finish Above $89 a Barrel

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NYMEX Benchmark Crude October: (+3.9%) to $89.34

Top Energy Stocks

XOM: +2.9%

CVX: +3.5%

COP: +2.3%

SLB: +3.3%

OXY: +2.6%

Energy shares are higher in late-session trading as crude oil futures finish at their best level in five weeks.

Light, sweet crude oil for October delivery finished up 3.9% to $89.34 a barrel. In other energy futures, heating oil was up 2.1% to $3.07 a gallon while natural gas was up 0.1% to $3.94 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 3.13% to $34.64. The United States Natural Gas ETF ( UNG ) is up 0.4% to $9.94.

In late-session energy news shares of ConocoPhillips ( COP ) are higher as the company said it expects it will complete the spinoff of its refining arm in the second quarter of next year, according to a MarketWatch report.

Under the split-off, current ConocoPhillips shareholders will receive two shares in the new company for every one COP share.

COP shares are up 2.3%, or $1.53, to $67.22.

Meanwhile, shares of Chevron ( CVX ) are higher in regular-session trading after the company announced late yesterday that it discovered an oil reserve at the Moccasin prospect in the deepwater U.S. Gulf of Mexico.

The well is located approximately 216 miles off the Louisiana coast in 6,759 feet of water and was drilled to a depth of 31,545 feet.

Chevron shares are up 3.5%, or $3.35, to $98.96.

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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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