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Sector Update: Energy Shares Lower While Crude Futures Slip Over 2%

NYMEX Benchmark Crude January: (-2.3) to $95.78

Top Energy Stocks

XOM: -1.4%

CVX: -1.3%

COP: -1.2%

SLB: -3.3%

OXY: -3.3%

Energy shares are lower in mid-day trading while crude oil futures slump over 2% through the first half of the session.

Weekly government data showed a surprise decline in oil supplies. The Energy Information Administration said crude stockpiles fell 6.2% while Platts analysts had expected inventories to remain unchanged. That moderated crude declines, but the January contract was still lower.

Light, sweet crude oil for January delivery traded down 2.3% to $95.78 a barrel. In other energy futures, heating oil was down 1.78% to $2.98 a gallon while natural gas was down 1.52% to $3.36 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 1.82% to $37.12. The United States Natural Gas ETF ( UNG ) is down 1.02% to $7.73.

In mid-day energy news, ADRs of Royal Dutch Shell (RDS.A) are down while Bloomberg the oil company is ahead in the hunt for oil reserves in the Arctic - thought to have the equivalent of a fifth of proven global reserves, according to investment bank Sanford Bernstein.

RDS.A has invested $1 billion ahead of a drilling campaign due to start next year, the report said.

RDS.A ADRs are down 2.33%, or $1.56, to $65.49.

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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