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Sector Update: Energy Shares Higher in Late Trading; Crude Oil Tops $87 a Barrel

NYMEX Benchmark Crude September: (+1.1%) to $87.58

Top Energy Stocks

XOM: +0.3%

CVX: +0.1%

COP: +0.2%

SLB: +0.7%

OXY: +0.4%

Energy shares are higher in the last hour of trading while crude oil futures finish in positive territory, above $87 a barrel.

Light, sweet crude oil for September delivery finished up 1.1% to $87.58 a barrel. In other energy futures, heating oil was up 1.03% to $2.96 a gallon while natural gas was down 0.05% to $3.93 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 0.68% to $34.06. The United States Natural Gas ETF ( UNG ) is up 0.1% at $9.95.

In late-session energy news, ConocoPhillips ( COP ) shares are higher even as China said the oil major must complete the oil spill cleanup in northwestern China by the end of this month or the company will face stiffer measures, Bloomberg reported.

COP must seal a leak in one platform and clean up a spill in another platform, the report said.

ConocoPhillips shares are up 0.36%, or $0.23, to $66.77.

Meanwhile, shares of Southern Union ( SUG ) are higher as the company gets affirmation from Williams ( WMB ) late Tuesday that it still wants to buy Southern Union for $44 per share in cash.

Still, a Reuters report indicates that Southern Union still backs a competing offering from Energy Transfer Equity.

Southern Union shares are up 2.21%, or $0.92, to $42.55.

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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