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Sector Update: Energy Stocks, Crude Slip But Weekly Inventory Report Firming Prices

Top Energy Companies

XOM -0.6%

CVX -1.4%

COP -1.1%

SLB -2.5%

OXY -1.1%

Energy shares are paring some of their earlier losses, with the NYSE Energy Sector Index (NYE) down about 1.1% at 12,649 after being down 1.4%. Crude oil futures also are erasing some losses, pulling again to within range of yesterday's settlement of $103.22 a barrel.

Light, sweet crude oil for February delivery is down $0.27 at $102.95 a barrel, with prices firming despite the weekly EIA inventory report finding U.S. commercial crude oil inventories increased by 2.20 million barrels to 329.70 million barrels last week. Gasoline and natural gas inventories also rose.

In energy ETFs, the United States Oil Fund ( USO ) is down 0.4% at $39.61. The United States Natural Gas ETF ( UNG ) is down over 3.6% at $6.48, extending its decline following the EIA report.

In company news, Tesoro Corp. ( TSO ) is lower after the refiner said it lost $0.55 to $0.80 a share in Q4, missing analysts' forecasts for profit. The company blamed higher crude oil prices.

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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