The weak jobs report, tropical storm Lee, and continual fallout from the Macondo Well disaster in the Gulf of Mexico are pressuring the shares of major participants Halliburton (NYSE:HAL), Transocean (NYSE:RIG), BP (NYSE:BP), Anadarko (NYSE:APC) and Cameron International (NYSE:CAM). The price of oil also dropped on Friday.
On the New York Mercantile Exchange, crude for October delivery settled at $86.45 a barrel, falling $2.48, or 2.79 percent.
For the week, front-month crude climbed $1.08, or 1.27 percent, from the $85.37 close on Aug. 26 and extended gains for a second straight week.
ICE Brent for October delivery settled at $112.33 a barrel, dropping $1.96, or 1.71 percent.
For the week front-month Brent jumped 97 cents, or 0.87 percent, from the $111.36 settlement on August 26, up for the third week in a row.
Brent crude's premium against U.S. crude expanded to a record $26.98, surpassing the former high of $26.69. The premium was at $25.88 at the close of trading.
Transocean ended the week at $53.73, falling $2.08, or 3.73 percent on Friday. Cameron International closed at $49.63, down $1.96, or 3.80 percent. Halliburton closed at $41.54, declining $1.48, or 3.44 percent. Anadarko ended the session at $69.71, falling $2.31, or 3.21 percent. BP closed at $36.63, down $1.26, or 3.33 percent.
Tuesday, September 6, 2011
Halliburton (HAL) (RIG) (BP) (APC) (CAM) Drop on Recession Fear
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1 comment:
No it's retarded articles like this and uneducated reports without full understanding of what is actually happening in the Gulf which pushes shares down. RIG will be back up in a week when people realize drilling didnt stop, production didnt stop, everything is fine and the media is to blame.
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