Energy shares are slipping as crude oil futures plunged below $92 a barrel on economic worries and rising crude oil stockpiles. The federal Energy Information Administration reported today that crude supplies rose by 1 million barrels to 355 million barrels, an 0.03% gain, while gasoline stockpiles rose rose by 1.7 million barrels, or 0.8%, to 215.2 million barrels at the height of the summer driving season. Analysts expected an increase of 2 million barrels of crude for the week ended July 29, but forecast gasoline supplies to increase by only 350,000 barrels. Light, sweet crude oil for September delivery traded down 2.2% to $91.75 a barrel. In mid-day news, Petrohawk ( HK ) is up 0.13% to $38.19 a share after it reported its Q2 earnings figures. The company said its Q2 EPS was $0.34, which beats by $0.13. Revenue increased 70% from the previous year period to $595 million, beating estimates by $31 million.
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) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
