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.
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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.
