Sector Update: Energy

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Energy stocks were slightly lower before the Fed news with the NYSE Energy Sector Index down 0.07% and the S&P Energy Index slipping 0.35%.

Crude oil prices were down slightly about 2% today, with the August NYMEX contract down $1.66 at $82.69 a barrel. Crude had been little changed to slightly higher earlier this morning ahead of the weekly U.S. Energy Information Agency inventory report, which saw a 2.9 million barrel build to 387.3 million during the week ended June 15 fueled by a second week of large import activity.

In company news, ConocoPhillips ( COP ) shares were down about 1% after Goldman Sachs today cut its rating on the oil and gas major to Sell, citing valuation.

The downgrade was part of a relatively large shuffle by Goldman in its view of the energy sector. Marathon Petroleum Corp ( MPC ) was raised to a Buy from Neutral while Tesoro Corp ( TSO ) saw its Sell rating lifted to a new Neutral call. Western Refining ( WNR ) also was lowered to Neutral.

HollyFrontier Corp. ( HFC ) was reiterated as a Conviction List Buy at Goldman.



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 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: COP , HFC , MPC , TSO , WNR

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