With anticipation the demand for crude oil and gasoline will drop because of high prices, Ultra Petroleum (NYSE:UPL), Tesoro Corporation (NYSE:TSO), Questar Corporation (NYSE:STR) and Valero Energy (NYSE:VLO) 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.
Valero Energy closed Monday at $27.08, down $0.46, or 1.67 percent. Questar Corporatio ended the day at $16.79, falling $0.34, or 1.98 percent. Tesoro Corporation closed at $26.08, dropping $0.46, or 1.73 percent. Ultra Petroleum closed at $47.369, losing $0.76, or 1.58 percent.
Tuesday, April 19, 2011
Tesoro (TSO) (UPL) (VLO) (STR) Close Down as Oil, Gas Prices Fall
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