Sector Update: Energy Down, Australia Resource Tax Seen Making Peabody Think Twice

By Staff,

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Dow Jones U.S. Oil & Gas Index: 492.24 Monday regular session close

NYMEX Benchmark Crude: -0.75 (-0.94%) to 79.37

Top Energy Stocks

XOM: -1.49%

CVX: -1.09%

SLB: -1.32%

OXY: +0.62%

COP: -1.18%

Energy issues are falling pre-market Tuesday, as oil prices fall on worries that the $1 trillion European bailout package will not be enough to stabilize the euro zone. That in turn has put a damper on hopes for a steady global economic recovery. Speculation is growing that Peabody Energy ( BTU ) will not complete its bid for Australia's Macarthur Coal ( MCC ) as the Australian government mulls the possibility of imposing a 40% resources profit tax from 2012. Executives from BP ( BP ) as well as Transocean ( RIG ) and Halliburton ( HAL ) will be testifying before Congress about the offshore rig explosion April 20 that has led to the Gulf of Mexico oil spill disaster.

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

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

This article appears in: Investing Commodities
Referenced Stocks: BP , BTU , HAL , MCC , RIG

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