Showing posts with label Marathon Oil. Show all posts
Showing posts with label Marathon Oil. Show all posts

Tuesday, November 15, 2011

Marathon (MRO) (MNTX) (HSNI) (MOTR) (HFC) (HME) Ratings, Price Targets

Marathon Oil Co. (MRO), Manitex International, Inc. (MNTX), HSN, Inc. (HSNI), Motricity Inc. (MOTR), HollyFrontier (HFC) and Home Properties (HME) ratings and price targets.

Goldman Sachs (NYSE:GS) downgraded Marathon Oil Co. (MRO) from a “Buy” rating to a “Neutral” rating.

Rodman & Renshaw initiated coverage on Manitex International, Inc. (MNTX). They placed an “Outperform” rating and a price target of $6.50 on the company.

Singular Research raised its price target on HSN, Inc. (HSNI) from $22.00 to $24.00. They have a “Buy” rating on the company.

JPMorgan Chase & Co. (NYSE:JPM) reiterated its “Overweight” rating on Motricity Inc. (MOTR).

Goldman Sachs upgraded HollyFrontier (HFC) from a “Neutral” rating to a “Buy” rating.

Wunderlich reiterated its “Buy” rating on Home Properties (HME). They have a price target of $75.00 on the company.

Tuesday, August 30, 2011

BP (BP) (APC) (COP) (XOM) (RDS-A) (HAL) (CVX) (MRO) Jumped Monday

BP (NYSE:BP), Anadarko (NYSE:APC), Conoco (NYSE:COP), Exxon Mobil (NYSE:XOM), Shell (NYSE:RDS-A), Halliburton (NYSE:HAL), Chevron (NYSE:CVX) and Marathon Oil (NYSE:MRO) all closed up Monday on news consumer spending was slightly up.

Crude for October delivery climbed $1.90 to $87.27 a barrel on the New York Mercantile Exchange, the highest settlement since Aug. 17. Prices have dropped 4.5 percent this year.

Brent oil for October settlement jumped 52 cents, or 0.5 percent, to $111.88 a barrel on the London-based ICE Futures Europe exchange. The European benchmark traded at a premium of $24.61 to U.S. West Texas Intermediate futures, compared with a record $26.21 on Aug. 19.

Marathon closed at $26.41, gaining $0.52. or 2.01 percent. Chevron closed at $98.74, jumping $1.89, or 1.95 percent. Halliburton ended the session at $42.81, climbing $1.35, or 3.26 percent. Royal Dutch Shell closed at $65.33, rising $1.11, or 1.73 percent. Exxon closed at $74.12, increasing $1.48, or 2.04 percent. Conoco closed the day at $67.78, up $2.27, or 3.47 percent. Anadarko closed at $71.75, gaining $2.48, or 3.58 percent. BP closed at $39.25, rising $1.06, or 2.78 percent.

Thursday, August 4, 2011

Marathon (MRO) (AMT) (NYX) (TAP) (THC) EPS Estimates Changed

American Tower Corporation (NYSE: AMT), Marathon Oil Co. (NYSE: MRO), NYSE Euronext (NYSE: NYX), Molson Coors Brewing (NYSE: TAP) and Tenet Healthcare Co. (NYSE: THC) EPS estimates adjusted by analysts.

Citigroup (NYSE:C) raised its EPS estimates on American Tower Corporation (AMT). They have a “Buy” rating and a price target of $63.00 on the company.

UBS AG (NYSE:UBS) raised its EPS estimates on Marathon Oil Co. (MRO). They have a “Buy” rating and a price target of $38.00 on the company. That's dwon from the $40.00 price target they had on the company. UBS cited valuation as the catalyst behind the call.

Barclays Capital lowered its EPS estimates on NYSE Euronext (NYX). They have an “Overweight” rating and a price target of $38.00 on the company.

Goldman Sachs (NYSE:GS) lowered its EPS estimates on Molson Coors Brewing (TAP). They have a “Neutral” rating and a price target of $50.00 on the company.

Goldman Sachs raised its EPS estimates on Tenet Healthcare Co. (THC). They have a “Neutral” rating and a price target of $7.00 on the company.

BHP (BHP) (TXN) (BTUI) (MAR) (MRO) (VMED) Downgraded

BHP Billiton (NYSE: BHP), Texas Instruments (NYSE: TXN), BTU International (NASDAQ: BTUI), Marriott (NYSE: MAR), Marathon Oil Co. (NYSE: MRO) and Virgin Media (NASDAQ: VMED) downgraded by analysts.

Texas Instruments (TXN) was downgraded by Sterne Agee from a “Buy” rating to a “Neutral” rating.

BHP Billiton (BHP) was downgraded by Credit Suisse (NYSE:CS) from an “Outperform” rating to a “Neutral” rating.

BTU International (BTUI) was downgraded by Feltl & Co. from a “Hold” rating to a “Sell” rating. They have a price target of $5.00 on the company, down from $8.00.

Marriott (MAR) was downgraded by Bank of America (NYSE:BAC) from a “Buy” rating to a “Neutral” rating. They have a price target of $34.00 on the company.

Marathon Oil Co. (MRO) was downgraded by Credit Suisse from an “Outperform” rating to a “Neutral” rating. They have a price target of $36.00 on the company.

Virgin Media (VMED) was downgraded by Jefferies (NYSE:JEF) from a “Buy” rating to a “Hold” rating. They have a price target of $30.00 on the company, down from $33.50.

Tuesday, July 19, 2011

Clayton Williams (CWEI) (MPC) (NGL) (ROSE) (SGY) (WLT) Price Targets Changed

Clayton Williams Energy Inc (NASDAQ: CWEI), Marathon Petroleum (NYSE: MPC), NGL Energy Partners (NYSE: NGL), Rosetta Resources Inc. (NASDAQ: ROSE), Stone Energy (NYSE: SGY) and Walter Energy (NYSE: WLT) price targets changed.

Clayton Williams Energy Inc (CWEI) is now getting coverage from Wunderlich. They placed a “buy” rating and a price target of $100.00 on the company.

Marathon Petroleum (MPC) is now getting coverage from analysts at Howard Weil. They placed an “outperform” rating and a price target of $45.00 on the company.

NGL Energy Partners (NGL) is now covered by analysts at Robert W. Baird. They placed an “outperform” rating and a price target of $22.00 on the company.

Rosetta Resources Inc. (ROSE) is now getting coverage from analysts at Dahlman Rose. placed a “buy” rating and a $65.00 price target on the company.

Stone Energy (SGY) is getting coverage from Dahlman Rose. They placed a “buy” rating and a price target of $38.00 on the company.

Walter Energy (WLT) is getting coverage from analysts at Citigroup (NYSE:C). They placed a “positive” rating and a price target of $144.00 on the company.

Thursday, July 14, 2011

ReneSola (SOL) (SFY) (MRO) (FAST) (ERTS) Price Targets Changed by Analysts

ReneSola Ltd. (NYSE: SOL), Swift Energy (NYSE: SFY), Marathon Oil Co. (NYSE: MRO), Fastenal (NASDAQ: FAST), Electronic Arts Inc (NASDAQ: ERTS) had their price targets adjusted by analysts.

Pritchard cut its price target on Swift Energy (SFY) to $54.00.

Collins Stewart lowered its price target on ReneSola (SOL) from $6.50 to $3.60. They have a “Neutral” rating on the company.

JPMorgan Chase & Co. (NYSE:JPM) cut its price target on Marathon Oil Co. (MRO) to $35.00.

Credit Suisse (NYSE:CS) boosted its price target on Fastenal (FAST) to $39.00. They have a “Neutral” rating on the company.

UBS AG (NYSE:UBS) raised its price target on Electronic Arts to $27.00. They have a “Buy” rating on the company.

Electronic Arts closed Wednesday at $23.91, falling $0.26, or 1.08 percent. Fastenal closed at $34.50, up $0.02, or 0.06 percent. Marathon Oil ended the session at $31.71, rising $0.19, or 0.60 percent. ReneSola closed at $4.81, jumping $0.10, or 2.12 percent. Swift Energy closed at $38.41, gaining $1.17, or 3.14 percent.

Cliffs (CLF) (GSM) (MRO) (SOLR) (GOOG) Ratings Reiterated

Cliffs Natural Resources Inc (NYSE: CLF), Globe Specialty Metals, Inc. (NYSE: GSM), Marathon Oil Co. (NYSE: MRO), GT Solar International, Inc. (NASDAQ: SOLR) and Google Inc. (NASDAQ: GOOG) had ratings reiterated on them by analysts.

Dahlman Rose raiterated a "Buy" rating Cliffs Natural Resources (CLF). They have a price target of $120.00 on the company.

Oppenheimer maintains an "Outperform" rating on Globe Specialty Metals, Inc. (GSM).

JPMorgan Chase & Co. (NYSE:JPM) reiterates a "Neutral" rating on Marathon Oil Co. (MRO).

Piper Jaffray (NYSE:PJC) reiterated an "Overweight" on GT Solar International, Inc. (NASDAQ: SOLR). They have a price target of $24.00 on the company.

Deutsche Bank (NYSE:DB) maintains a "Buy" rating on Google Inc. (GOOG). They have a price target of $725.00 on the company.

Cliffs Natural Resources closed Wednesday at $96.95, gaining $2.19, or 2.31 percent. Globe Specialty Metals, Inc. ended the day at $24.90, rising $1.30, or 5.51 percent. Marathon Oil closed at $31.71, jumping $0.19, or 0.60 percent. GT Solar International closed at $15.15, climbing $0.76, or 5.28 percent. Google ended the session at $538.26, rising $4.25, or 0.80 percent.

Monday, July 11, 2011

Coverage on (AKS) (ATPG) (CMC) (MRO) (LPR) Initiated by Analysts

Analysts initiated coverage on AK Steel Holding Co. (NYSE: AKS), ATP Oil & Gas Co. (NASDAQ: ATPG), Commercial Metals (NYSE: CMC), Marathon Oil Co. (NYSE: MRO) and Lone Pine Resources (NYSE: LPR).

Jefferies (NYSE:JEF) initiated coverage on shares of AK Steel Holding Co. (AKS). They placed a “hold” rating and a price target of $18.00 on the company.

Rodman & Renshaw initiated coverage on ATP Oil & Gas Co. (ATPG). They placed an “outperform” rating and a price target of $22.00 on the company.

Jefferies initiated coverage on Commercial Metals (CMC). They placed a “hold” rating and a price target of $16.50 on the company.

Morgan Stanley (NYSE:MS) initiated coverage on shares of Marathon Oil Co. (MRO). They placed an “equal weight” rating and a price target of $41.00 on the company.

Wells Fargo & Co. (NYSE:WFC) initiated coverage on shares of Lone Pine Resources (LPR). They placed an “outperform” rating on the company.

AK Steel closed Friday at $16.22, down $0.39, or 2.35 percent. ATP Oil & Gas closed at $15.81, falling $0.04, or 0.25 percent. Commercial Metals closed at $14.31, dropping $0.05, or 0.35 percent. Marathon Oil ended the session at $32.67, losing $0.43, or 1.30 percent. Lone Pine Resources closed at $11.11, gaining $0.20, or 1.83 percent.

Friday, July 8, 2011

Ratings on Oracle (ORCL) (RIG) (MRO) (AMAT) Reiterated

Ratings on shares of Transocean (NYSE: RIG), Applied Materials, Inc. (NASDAQ: AMAT), Marathon Oil Co. (NYSE: MRO) and Oracle (NASDAQ: ORCL) were reiterated by analysts.

Gabelli reiterated a “buy” rating on Transocean (RIG).

Stifel Nicolaus reiterated a “buy” rating on Applied Materials, Inc. (AMAT).

The Benchmark Company reiterated a “sell” rating on Marathon Oil Co. (MRO). They have a price target of $23.00 on the company.

Piper Jaffray reiterated an “overweight” rating on Oracle (ORCL).

Transocean closed Thursday at $62.47, gaining $0.24, or 0.39 percent. Applied Materials ended the session at $13.44, climbing $0.40, or 3.03 percent. Marathon Oil closed at $33.10, jumping $0.29, or 0.88 percent. Oracle closed at $34.09, up $0.88, or 2.65 percent.

Friday, May 20, 2011

Marathon (MRO) (DVN) (HES) (BP) (APC) Trading Mixed

Shares of Marathon Oil (NYSE:MRO), Devon Energy (NYSE:DVN), Hess Corporation (NYSE:HES), BP (NYSE:BP) and Anadarko (NYSE:APC) were trading mixed today as oil prices were trading down in the session.

Crude-oil futures were trading down $0.79 to $97.65 a barrel on the New York Mercantile Exchange.

U. S. crude oil prices also gained some back from earlier losses spurred by comments from the German Bundesbank, which said growth in Europe's largest economy will probably slow down.

Anadarko (APC) was trading at $75.66, gaining $4.02, or 5.61 percent, as of 1:59 PM EDT. BP (BP) was at $45.03, up $1.14, or 2.60 percent. Hess Corporation (HES) was trading at $78.45, climbing $0.37, or 0.47 percent. Devon Energy (DVN) was at $82.76, rising $0.23, or 0.28 percent. Marathon Oil (MRO) was trading at $51.66, falling $0.26, or 0.50 percent.

Marathon (MRO) (CHK) (GEOI) (WTI) (BHI) Trade Mixed as Energy Falls

Shares of Marathon Oil (NYSE:MRO), Chesapeake Energy Corp. (NYSE:CHK), GeoResources (NASDAQ:GEOI), W&T Offshore (NYSE:WTI) and Baker Hughes Incorporated (NYSE:BHI) traded mixed on Thursday as oil and gas were down on the day.

Benchmark crude for June delivery fell $1.63 to settle at $98.93 per barrel on the New York Mercantile Exchange.

Brent crude oil for July delivery was down 23 cents, or 0.2 percent, to $112.07.

June, heating oil fell 1.12 cents to settle at $2.8947 a gallon, gasoline dropped 2.95 cents to $2.926 a gallon and natural gas fell 10.5 cents to $4.161 per 1,000 cubic feet.

Linn Energy, LLC (LINE) closed Thursday at $38.35, gaining $0.33, or 0.87 percent. Lufkin Industries, Inc. (LUFK) ended the session at $85.06, up $1.81, or 2.17 percent.

Chesapeake Energy Corp. (CHK) closed Thursday at $29.91, dropping $0.04, or 0.13 percent. Marathon Oil closed at $51.92, gaining $0.39, or 0.76 percent.

Wednesday, May 18, 2011

Anadarko (APC) (RIG) (HAL) (CAM) (MRO) Rising on Lower Gas Inventory

Shares of oil companies Anadarko (NYSE:APC), Transocean (NYSE:RIG), Halliburton (NYSE:HAL), Cameron International (NYSE:CAM) and Marathon Oil (NYSE:MRO) were trading up today after a report from the Energy Information Administration saying gas inventory was up less than expected and oil inventory was flat.

Light, sweet crude West Texas Intermediate oil for June delivery is up $3.61 to $100.52 a barrel on the Nymex.

Brent crude July contracts rose $2.74 to $112.73 a barrel.

This could be an indicator that refinery demand may possibly be on the rebound.

MF Global wrote in a note to clients, “We think oil prices will continue to erode and we still think $90 is a reasonable short-term target on WTI, although short-term, we are getting a tad oversold and may be in for a bounce here.”

Marathon Oil (MRO) was trading at $51.30, gaining $1.27, or 2.54 percent, as of 2:26 PM EDT. Cameron International (CAM) was at $47.87, up $0.10, or 0.21 percent. Halliburton (HAL) was trading at $46.92, jumping $1.59, or 3.51 percent. Transocean (RIG) was at $67.90, rising $0.89, or 1.33 percent. Anadarko (NYSE:APC) was trading at $72.96, gaining $0.41, or 0.57 percent.

Shares of (APC) (RIG) (HAL) (CVX) (MRO) Close Down

Anadarko (NYSE:APC), Transocean (NYSE:RIG), Halliburton (NYSE:HAL), Chevron (NYSE:CVX) and Marathon Oil (NYSE:MRO) all closed down on Tuesday as energy prices were falling

Benchmark crude for June delivery dropped 47 cents to settle at $96.91 a barrel on the New York Mercantile Exchange. It fell as low as $95.02 during the trading session.

Natural gas was down 3 percent, falling 13.3 cents to $4.246 per 1,000 cubic feet.

In Nymex trading in June contracts, heating oil fell 2.93 cents to settle at $2.8451 per gallon, gasoline futures were down 1.18 cents to settle at $2.9193 a gallon and natural gas declined 13.3 cents to settle at $4.246 per 1,000 cubic feet.

In London, Brent crude for June delivery was lower by 85 cents to settle at $109.99 on the ICE Futures exchange.

Chevron (CVX) closed Tuesday at $100.41, falling $0.46, or 0.46 percent.

Tuesday, May 17, 2011

Shares of (APC) (APA) (CAM) (MRO) (RDS-A) Trade Down as Oil Continues to Fall

The share prices of Anadarko (NYSE:APC), Shell (NYSE:RDS-A), Apache Corp (NYSE:APA), Cameron International (NYSE:CAM) and Marathon Oil (NYSE:MRO) traded down Monday as the falling price of oil and gas weigh on the companies.

U.S. crude futures fell 2.3 percent and gasoline futures dropped 5 percent to hit a nine-week low as worries mounted about high prices squelching energy demand and the fragile economy weigh on the industry.

Crude futures have fallen close to 15 percent so far on the month.

Oil futures were down 2.3 percent to $97.37 a barrel in New York. June Brent fell to $112.87, down 1 percent for Monday.

Gasoline futures for June delivery declined 14 cents, or 5.01 percent, to end the session at $2.93 a gallon, the lowest close since March 16.

U.S. gasoline at the retail level fell to $3.955 Monday from $3.961 Sunday. Diesel prices dropped $4.123 from $4.127.

June natural gas closed up 7 cents, or 1.7 percent, at $4.32 per million British thermal units. Natural gas prices were up on concerns flooding in Louisiana may cut back on supply.

Heating oil futures were down Monday, with the June heating oil contract closing at $2.87 a gallon, down 7 cents, or 2.3 percent.

Monday, May 16, 2011

Valero (VLO) (MRO) (BOLT) (VQ) (BRY) Trade Mixed as Oil Prices Rebounded

Shares of Valero Energy (NYSE:VLO), Marathon Oil (NYSE:MRO), Bolt Technology Corp. (NASDAQ:BOLT), Venoco Inc. (NYSE:VQ) and Berry Petroleum (NYSE:BRY) traded mixed even as oil prices closed Friday in positive territory.

On the New York Mercantile Exchange, crude for June delivery on Friday settled at $99.65 a barrel, up 68 cents, or 0.69 percent, after trading in a range of $97.09 to $100.70.

For the week, front-month crude climbed $2.47, or 2.5 percent.

ICE Brent for June delivery settled at $113.83 a barrel, up 85 cents, or 0.75 percent, after trading in a range of $111.72 to $114.92. The Brent crude contract for July delivery was at 66 cents, or 0.6 percent higher on Friday, at $112.99. Last week, Brent crude jumped $4.70, or 4.3 percent.

The U.S. dollar index was up 0.8 percent higher at $75.72 as the euro was down 1 percent against the dollar at $1.411. On Friday, European officials said that Greece, Ireland and Portugal's sovereign debt problems may be worse than previously believed.

NYMEX June gasoline settled at $3.0744 a gallon, up 1.05 cents, or 0.34 percent, after trading in a range of $3.0342 to $3.1388.

For the week, front-month RBOB fell 1.57 cents, or 0.5 percent.

NYMEX June heating oil closed at $2.9422 a gallon, rising 2.85 cents, or 1 percent.

Front-month heating oil for last week was up 9.65 cents.

Valero Energy (VLO) closed Friday at $26.68, gaining $0.15, or 0.57 percent.

Wednesday, May 11, 2011

Marathon (NYSE:MRO) Trades Positive as Oil, Gas Rise

Crude oil, natural gas and gasoline prices jumped Tuesday, pushing up the share price of Marathon Oil (MRO).

Benchmark crude for May delivery rose $1.33 to settle at $103.88 a barrel on the New York Mercantile Exchange.

Heating oil jumped 3.94 cents to settle at $3.0012 a gallon. Gasoline futures climbed 10.13 cents to settle at $3.3797 a gallon, while natural gas for June delivery increased 8.7 cents to settle at $4.303 per 1,000 cubic feet.

Marathon Oil Corporation, through its subsidiaries, operates as an integrated energy company, for the most part, in North America, Europe and Africa.

Marathon Oil closed at $52.43, gaining $0.24, or 0.46 percent.

Ex-Dividend for (CEO) (CHU) (ED) (FDP) (MRO) on May 16

Ex-Dividend date for CNOOC Ltd. (NYSE:CEO), China United Network Communications Ltd. (NYSE:CHU), Consolidated Edison Inc. (NYSE:ED), Fresh Del Monte Produce Inc. (NYSE:FDP) and Marathon Oil Corp (NYSE:MRO) is May 16.

CNOOC Ltd. (CEO) pays a dividend of $2.89 with a yield of 2.22 percent.

China United Network Communications Ltd. (CHU) pays a dividend of $0.10 with a yield of 0.49 percent.

Consolidated Edison Inc. (ED) pays a dividend of $0.60 with a yield of 4.53 percent.

Fresh Del Monte Produce Inc. (FDP) pays a dividend of $0.05 with a yield of 0.74 percent.

Marathon Oil Corp (MRO) pays a dividend of $0.25 with a yield of 1.94 percent.

Tuesday, May 10, 2011

Marathon (MRO) (CHK) (VQ) (DRQ) (APA) Trade Up as Oil Prices Rebound

Most oil and related companies performed strong Monday, as Marathon Oil (NYSE:MRO), Chesapeake Energy Corp. (NYSE:CHK). Venoco Inc. (NYSE:VQ), Dril-Quip, Inc. (NYSE:DRQ) and Apache Corp (NYSE:APA) traded up as the price of oil rebounded.

Crude oil for June delivery climbed $5.37 to settle at $102.55 a barrel on the New York Mercantile Exchange, the largest one-day boost since February 22.

Brent crude for June settlement jumped $6.77, or 6.2 percent, to $115.90 a barrel on the London-based ICE Futures Europe exchange.

Wholesale gasoline prices soared 5 percent on Monday to $3.20 a gallon on fears that refineries in Mississippi may have to shut down because of the Mississippi River flooding.

The average U.S. price of a gallon of regular gasoline Monday fell by a penny to $3.96, according to AAA.

Immediate delivery futures of Texas crude oil rose $5.53 to $102.71 a barrel. Natural gas was up 0.06 cents to $4.17 per mbtu, while gasoline prices fell 20.17 cents to 329.18 cents a gallon.

Marathon Oil (MRO) closed Monday at $52.19, climbing $2.62, or 5.29 percent.

Monday, May 9, 2011

EPS Est. on (ACM) (AMP) (CEG) (GT) (MRO) Updated

Analysts updated their EPS estimates on AECOM Technology Co. (NYSE: ACM), Ameriprise Financial, Inc. (NYSE: AMP), Constellation Energy Group (NYSE: CEG), Goodyear (NYSE: GT) and Marathon Oil Co. (NYSE: MRO) today.

Goldman Sachs (NYSE:GS) raised their EPS estimate on AECOM Technology Co. (ACM). They have a “neutral” rating and a price target of $33.00 on the company.

Goldman Sachs raised their EPS estimate on Ameriprise Financial, Inc. (AMP). They have a “buy” rating on the company.

UBS AG (NYSE:UBS) cut their EPS estimate on of Constellation Energy Group (CEG). They have a “neutral” rating and a price target of $38.00 on the company.

Morgan Stanley (NYSE:MS) raised their EPS estimate on Goodyear (GT). They have an “overweight” rating and a price target of $22.00 on the company.

Oppenheimer raised their EPS estimate on Marathon Oil Co. (MRO). They have an “outperform” rating and a price target $62.00 on the company.

Shares of (MRO) (XCO) (HNR) (FTI) (HAL) Trade Mixed as Oil Closed Down 15% Last Week

Companies exposed to oil and the industry traded mixed to end the week, as oil prices plummeted 15 percent last week, taking Marathon Oil (NYSE:MRO), Exco Resources Inc. (NYSE:XCO), Harvest Natural Resources (NYSE:HNR), FMC Technologies, Inc. (NYSE:FTI) and Halliburton (NYSE:HAL), and others, down with it.

Light, sweet crude oil for June delivery on the New York Mercantile Exchange dropped $2.62 to settle at $97.18 a barrel, matching the eight-week low of March 15. The U.S. Oil Fund (USO) closed down 1.1 percent on Friday.

For the week, the June oil futures contract fell 14.7 percent to $113.93.

Light, sweet crude for June delivery fell $2.62, or 2.6%, to close at $97.18 a barrel on the New York Mercantile Exchange.

In London, Brent crude finished the day off $1.67 at $109.13 per barrel on the ICE Futures exchange.

Republicans went on the offensive against higher oil and gas prices by passing a bill to hasten the leasing process dragging on in the Gulf of Mexico as the Obama administration drag their feet on taking action. The bill would also require leasing to be allowed off the coast of Virginia.

According to Rep. Michael Burgess (R-Texas), the bill helped push down the price of oil as it sent a message to the market they're serious about the future supply.

All Obama has done so far has obsessed on the fantasy of green, clean or so-called alternative energy; a dubious matter at best, and at worst, ignoring what they country needs now and is available to it.

In other Nymex trading for June contracts, heating oil fell 4.12 cents to $2.8457 a U.S. gallon and gasoline futures were down 0.53 cents to $3.0901 a U.S. gallon. Natural gas fell 3.4 cents to $4.297 per 1,000 cubic feet.

FMC Technologies, Inc. (FTI) closed Friday at $42.04, dropping $0.61, or 1.43 percent.