A correction in commodities as a result of the plunge in oil prices pressured the energy sector, with Encana Corp. (NYSE:ECA), Brigham Exploration (Nasdaq:BEXP),
Schlumberger (NYSE:SLB) and Northern Oil and Gas (Amex:NOG) all closing down Tuesday.
Crude oil prices for May delivery dropped as much as 63 cents, or 0.6 percent, to $105.62 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $106.01 at 10:14 a.m. Sydney time. Yesterday, it dropped $3.67 to $106.25. Prices fell 5.9 percent on April 11 and 12.
The U.S. increased its crude-oil price estimate for 2011 to an average $106.38 a barrel from $101.77 in March, according to the Energy Department’s Short-Term Energy Outlook.
Brigham Exploration closed Tuesday at $32.41, falling $1.41, or 4.17 percent. Northern Oil and Gas closed at $23.54, down $0.97, or 3.96 percent. Schlumberger closed at $86.24, dropping $2.56, or 2.88 percent. Encana ended the session at $32.85, declining $0.46, or 1.38 percent.
Wednesday, April 13, 2011
Encana (ECA) (BEXP) (SLB) (NOG) Crushed as Oil Corrects
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2 comments:
I think we saw an oversell in these companies. I'm snagging up a few calls in our energy-rich northern neighbor this morning, now that oil seems to have a little support around $106.
I love Canada.
Encana is not an oil company. They are one of CAnada's biggest natural gas companies.
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