NYMEX Benchmark Crude September: (+1.42%) to $87.88
Top Energy Stocks
XOM: +0.5%
CVX: +0.6%
COP: +0.5%
SLB: +1.6%
OXY: +1.7%
Energy shares are higher in mid-day trading while crude oil futures pared prior-session losses and are trading above $87 a barrel.
Light, sweet crude oil for September delivery is trading up 1.4% to $86.65 a barrel. In other energy futures, heating oil is up 1.48% to $2.97 a gallon while natural gas is up 0.13% to $3.93 per million British thermal units.
In energy ETFs, the United States Oil Fund ( USO ) is up 0.95% to $33.77. The United States Natural Gas ETF ( UNG ) is up 0.6% at $10.
Crude supplies rose by 1.7 million barrels for the week ended Aug. 12, the American Petroleum Institute trade group reported late Tuesday. Gasoline inventories dropped by 5.4 million barrels. Distillate inventories fell 1.3 million barrels.
The API's figures come ahead of Wednesday's more closely-watched Energy Information Administration report. Analysts polled by Platts expect a decrease of 500,000 barrels for crude supplies, a fall of 2.3 million barrels for gasoline and an increase of 700,000 barrels for distillates.
In mid-day energy news, shares of Southern Union ( SUG ) are higher after Williams ( WMB ) said late Tuesday that it still wants to buy Southern Union for $44 per share in cash.
But Southern Union still backs a competing offering from Energy Transfer Equity, Reuters reported.
Southern Union shares are up 1.9%, or $0.79, to $42.42.
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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.
