Referenced Stocks

Market Chatter: Global Demand for Oil Revised by EIA: MarketWatch; Shares in Big Oil Slide Lower

By Midnight Trader,  July 10, 2012, 03:20:10 PM EDT

Shares in big oil are down today after the Energy Information Administration ( EIA ) lowered its global demand expectations for oil for this year and next. According to a MarketWatch report, global demand for this year is 88.64 million barrels per day (mbpd) while global demand in 2013 is expected to run at 89.37 mbpd. The EIA expects oil to average $88 per barrel in the second half of this year, which should lower the price of retail gasoline to $3.39 per gallon in the third quarter 2012. All in all, the EIA expects retail gasoline to average $3.49 for 2012 and just $3.28 per gallon in 2013.

Exxon Mobil ( XOM ) is down 0.8% while Chevron ( CVX ) is down 0.7% and BP ( BP ) is down 0.4%.




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.


This article appears in: Investing, Commodities

Referenced Stocks: BP, CVX, EIA, XOM



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