Sector Update: Energy Shares End Lower as Oil closes below $85 on Inventory Worries 04/13 03:12 PM
04:12 PM Eastern Daylight Time, 04/13/2010 (MidnightTrader) -- NYMEX Benchmark Crude May: -$0.42 (-0.43%) to $84.05
Top Energy Stocks
XOM: -0.01%
CVX: -0.20%
COP: -0.39%
SLB: -1.18%
OXY: -1.16%
Energy shares were lower across the board as bears ruled the sector and oil dipped briefly below $84 a barrel. Crude oil futures dropped below $84 a barrel for a time on Tuesday as oil extended a string of recent losses due to rising inventory levels. Ultimately, crude for May delivery closed down $0.42, or 0.43%, to $84.05. The American Petroleum Institute will report data on petroleum inventories at 4:30 p.m. Eastern. The Energy Information Administration reports its numbers Wednesday at 10:30 Eastern. Investors are also expecting another increase in U.S. crude-oil inventories. Analysts polled by Platts expect increases of 1.6 million barrels for crude and 1 million barrels for distillates in the week ended April 9. Earlier in the day, the International Energy Agency revised its 2010 demand forecast for oil slightly higher. It also increased its 2010 production forecast for non-OPEC countries by 220,000 barrels per day to 52 million barrels a day. In energy stocks, Samson Oil & Gas (SSN:$0.7600,$-0.0650,-7.88%) was down after the company said late Monday fracture stimulation operations at the Gene #1-22H well in Williams County, North Dakota have been successfully completed. Samson shares were down 6.57%, or $0.05, to $0.77. Meanwhile, ConocoPhillips (COP:$55.67,00$-0.29,00-0.52%) will team with Abu Dhabi-backed Mubadala Development Co. to bid for oil and gas fields in the Caspian Sea off Turkmenistan, Bloomberg reports. The U.S. oil giant has worked with Mubadala in the Turkmen part of the sea for the past six months after Lukoil's attempt to gain Block 21 failed in September, the report said. ConocoPhillips (COP:$55.67,00$-0.29,00-0.52%) shares were down 0.82%, or $0.46, to $55.50. In other energy futures, heating oil was down 0.24%, or $0.54, to $2.21 a gallon while natural gas was up 3.44%, or $0.13, to $4.14. http://www.midnighttrader.com
