With anticipation the demand for crude oil and gasoline will drop because of high prices, Devon Energy (NYSE:DVN), Exco Resources Inc. (NYSE:XCO), Encana Corp. (NYSE:ECA) and Schlumberger (NYSE:SLB) 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.
Schlumberger closed Monday at $84.75, down $1.91, or 2.20 percent. Encana Corp. ended the day at $32.51, falling $0.44, or 1.34 percent. Exco Resources Inc. closed at $20.37, dropping $0.29, or 1.40 percent. Devon Energy closed at $86.19, losing $1.63, or 1.86 percent.
Tuesday, April 19, 2011
Devon Energy (DVN) (XCO) (ECA) (SLB) Close Down as Oil, Gas Prices Fall
Labels:
Crude Oil,
Devon Energy,
Encana Corp,
Exco Resources,
Heating Oil,
Schlumberger
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