Wednesday, April 13, 2011

Transocean (RIG) (RDS-A) (HAL) (APA) Crushed as Oil Corrects

A general correction in commodities prices as a result of the plunge in oil prices pressured the energy sector, with Transocean (NYSE:RIG), Shell (NYSE:RDS-A), Halliburton (NYSE:HAL) and Apache Corp (NYSE:APA) 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.

Transocean closed Tuesday at $79.51, falling $1.25, or 1.55 percent. Royal Dutch Shell closed at $72.53, down $1.95, or 2.62 percent. Halliburton closed at $45.34, dropping $1.59, or 3.39 percent. Apache Corp. ended the session at $122.40, declining $3.85, or 3.05 percent.

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