Sector Update: Energy
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.
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