NYMEX Benchmark Crude October: (-3.5%) to $85.95
Top Energy Stocks
Energy shares are broadly lower in mid-day trading as crude oil
futures slump more than 3% to trade under $86 a barrel, paring much
of the week's gains.
Light, sweet crude oil for October delivery is trading down 3.5%
to $85.95 a barrel. In other energy futures, heating oil is down
2.54% to $2.96 a gallon while natural gas is down 1.26% to $3.93
per million British thermal units.
In energy ETFs, the United States Oil Fund (
) is down 3.02% to $33.42. The United States Natural Gas ETF (
) is down 1.49% to $9.90.
Oil's decline comes with a steep drop in equities after neither
Federal Reserve Chairman nor President Obama delivered on the hoped
for stimulus to get the economy going.
"Bernanke didn't give any further insight into stimulus
measures, and Obama's speech has been received very tepidly, which
continues to weigh on concerns about the U.S. economy," Matt Smith,
a commodities analyst for Summit Energy Services Inc. told
In mid-day energy news, Goldman Sachs reportedly downgraded
) to Sell from Neutral. Goldman has a price target of $22 on Tesoro
Tesoro shares are down 3.57%, or $0.87, to $23.48.