Tuesday, April 19, 2011

Shell (RDS-A) (RRC) (CHK) (CVX) Close Down as Oil, Gas Prices Fall

As perceptions demand for crude oil and gasoline will drop because of high prices, shares of Range Resources (NYSE:RRC), Chesapeake Energy (NYSE:CHK), Shell (NYSE:RDS-A) and Chevron (NYSE:CVX) all closed down Monday, as the overall sector took a breather.

Crude-oil futures were down 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 dropped $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.

Chevron (NYSE:CVX) closed Monday at $104.50, down $1.74, or 1.64 percent. Shell ended the day at $71.22, falling $1.64, or 2.25 percent. Chesapeake Energy closed at $31.98, dropping $0.75, or 2.29 percent. Range Resources closed at $52.57, losing $0.68, or 1.28 percent.

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