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Sector Update: Energy Shares Slipping; Crude Oil Stockpiles Rise

NYMEX Benchmark Crude September: (-2.2%) to $91.75

Top Energy Stocks

XOM: -1.3%

CVX: -1.8%

COP: -1.4%

SLB: -1.8%

OXY: -2.0%

Energy shares are slipping as crude oil futures plunged below $92 a barrel on economic worries and rising crude oil stockpiles.

The federal Energy Information Administration reported today that crude supplies rose by 1 million barrels to 355 million barrels, an 0.03% gain, while gasoline stockpiles rose rose by 1.7 million barrels, or 0.8%, to 215.2 million barrels at the height of the summer driving season.

Analysts expected an increase of 2 million barrels of crude for the week ended July 29, but forecast gasoline supplies to increase by only 350,000 barrels.

Light, sweet crude oil for September delivery is trading down 2.2% to $91.75 a barrel. In other energy futures, heating oil is down 1.77% to $3.03 a gallon while natural gas is down 1.83% to $4.07 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is down 1.79% to $35.75. The United States Natural Gas ETF ( UNG ) is down 1.67% at $10.31.

In mid-day energy news, Petrohawk ( HK ) is up 0.13% to $38.19 a share after it reported its Q2 earnings figures.

The company said its Q2 EPS was $0.34, which beats by $0.13. Revenue increased 70% from the previous year period to $595 million, beating estimates by $31 million.

Petrohawk shares are up 0.16%, or $0.06, to $38.20.

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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