With anticipation the demand for crude oil and gasoline will drop because of high prices, as Transocean (NYSE:RIG), Apache Corp (NYSE:APA), Cameron International (NYSE:CAM) and Marathon Oil (NYSE:MRO) all closed down Monday, as the overall sector was under pressure.
Crude-oil futures dropped Monday as investors were worried about the possibility for slowing demand for oil after debt-ratings company Standard & Poor’s slashed its outlook on the U.S. government’s credit rating which resulted in a move away from stocks and growth-leveraged commodities.
Benchmark light, sweet crude for May delivery fell $2.54, or 2.3%, to $107.12 a barrel on the New York Mercantile Exchange. That ended a three-day winning streak for oil.
Gasoline for May delivery on Monday was down 4 cents, or 1.1%, to $3.25 a gallon.
May heating oil fell 4 cents, or 1.3%, to $3.18 a gallon.
May natural gas was lower by 7 cents, or 1.6%, to $4.14 per million British thermal units.
Marathon Oil closed Monday at $51.09, down $0.24, or 0.47 percent. Cameron International ended the day at $53.11, falling $0.24, or 0.45 percent. Apache Corp. closed at $120.93, dropping $1.47, or 1.20 percent. Transocean closed at $74.17, losing $1.41, or 1.87 percent.
Tuesday, April 19, 2011
Apache (APA) (RIG) (CAM) (MRO) Close Down as Oil, Gas Prices Fall
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment