Energy Stocks Retreat as Crude Oil Falls Under $90 a Barrel


Top Energy Stocks

XOM -0.35%, from near year highs.

CVX -0.14%

COP -0.49%

SLB -0.29%

OXY -0.04%

Energy stocks are broadly lower today with the NYSE Energy Sector Index falling 1.1% and the S&P Energy Index sliding about 0.7%. Crude oil for November delivery is down $2.04 at $89.33 a barrel. November natural gas is up 8 cents at $3.18 per 1 million BTU.

In company news, Chevron Corp ( CVX ) shares are down slightly in afternoon trade, sliding about 0.2%, but still at the high end of its year range with the energy giant receiving an award grant to participate in two deepwater blocks off the coast of Sierra Leone.

The two blocks - SL-08A and SL-08B - were combined into a single concession and are located more than 75 miles southwest of Sierra Leone capital of Freetown. The blocks cover a combined 2,100 square miles in water depths ranging from around 1,500 to 3,000 meters.

Under the award, CVX will be the operator with a 55% stake, with Noble Energy ( NBL ) holding a 30% ownership interest and Odye Ltd. with a 15% stake. NBL shares are a little lower, but above day lows.

In other sector news,

(-) RIG, (-1.1%) Upgrade to Neutral from Sell at Goldman Sachs.

(-) CHK, (-1.2%) Downgrade to Hold from Buy at Stifel Nicolaus.

(-) WMB, (-1.9%) Inks deal to extract, transport, fractionate and market natural gas liquids and olefins recovered from upgrader offgas for an unidentified producer in the Alberta oil sands.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: CVX , NBL

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