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Sector Update: Energy

Energy shares are broadly lower as oil plunges more than 6% at the New York Mercantile Exchange. Oil was hit by a second day of fears over slipping demand. Light, sweet crude for June delivery traded down 6.27% to $102.39 a barrel. In energy ETFs, the United States Oil Fund ( USO ) is down 6.0% to $40.67. The United States Natural Gas ETF ( UNG ) is down 5.52% to $11.13. In mid-day news, shares of Murphy Oil ( MUR ) are higher after the company reported Q1 EPS of $1.38 on sales of 7.35 billion. The Street view was for EPS of $1 on sales of $7.57 billion. The company reported and improved net income in 2011 compared to 2010. It cited a combination of a higher average realized crude oil sales price, record natural gas production volumes, improved U.S. refining margins and lower losses for transactions denominated in foreign currencies.

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

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

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