Wednesday, April 13, 2011

Hess (HES) (PBR) (PTR) (STR) Crushed as Oil Corrects

A general correction in commodities prices as a result of the plunge in oil prices pressured the energy sector, with Hess Corporation (NYSE:HES), Petrobras (NYSE:PBR), PetroChina (NYSE:PTR) and Questar Corporation (NYSE:STR) 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.

Questar Corporation closed Tuesday at $16.66, falling $0.55, or 3.20 percent. PetroChina closed at $148.64, down $7.80, or 4.99 percent. Petrobras closed at $38.21, dropping $1.62, or 4.07 percent. Hess Corporation ended the session at $80.31, declining $1.47, or 1.80 percent.

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