Energy stocks fell Wednesday as crude oil prices tumbled, with refiners going the opposite direction on strength from Marathon Petroleum (MPC) gaining 3.6%, and Tesoro (TSO) up 3.7%.
"It would appear investors are sensing the Iran deal will go through, freeing up billions of dollars of additional crude supply," wrote Jack Ablin, chief investment officer at BMO Private Bank, in an email to Barrons.com.
Also, a government survey showed domestic crude supplies rose for a 10th straight week, sending futures prices for the U.S. crude benchmark down $1.58, or 1.7%, to $92.10 per barrel.
Natural-gas futures, meanwhile, climbed 1% on the back of a fall in U.S. stockpiles that was a bit more than expected.
Major oil companies declined with Exxon Mobil (XOM) down 0.6% to $93.68 and Chevron (CVX), off 0.6% to $122.02. ConocoPhillips (COP) shares fell 0.37% to $72.66.
Top decliners included Newfield Exploration (NFX), off 4.8% to $28, and Noble Energy (NBL), down 5% to $69.53.
No comments:
Post a Comment