Sector Update: Energy Shares Lower as Crude COntinues Slide, Trades Below $98 a Barrel
NYMEX Benchmark Crude July: (-1.73%) to $97.59
Top Energy Stocks
Energy shares are lower as crude oil futures continue last week's slide to trade below $98 a barrel amid concerns over what is seen as a sputtering economic recovery.
Light, sweet crude for July delivery is trading down 1.73% to $97.59 a barrel. In other energy futures, heating oil is down 0.32% to $3.09 a gallon while natural gas is down 2.73% to $4.62 per million British thermal units.
In energy ETFs, the United States Oil Fund (USO) is down 2.05% to $38.46. The United States Natural Gas ETF (UNG) is down 2.73% at $11.75.
In mid-day news, shares of Kodiak Oil & Gas ( KOG ) says its operations were adversely impacted by breakup from a record winter snowfall, sustained heavy rainfall, and periods of flooding throughout Q2. Certain state highways and counties have imposed intermittent road restrictions on heavy trucks, causing limited trucking, which has resulted in some of the Company's wells being shut-in due to the inability to transport oil.
While there has been some relief from the weather, current conditions continue to make operations challenging. The ultimate impact on Q2 production is not yet fully known. However, despite the difficult weather conditions, it estimates that its second quarter 2011 sales volumes should represent an approximate 35% increase over Q1 sales volumes.
Kodiak shares are down 5.86% to $5.62.
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