Market Overview

Energy Stocks Mirror Crude Movement

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With concerns related to Tropical Storm Alex easing, oil and gas stocks fell today. While the NYSE Arca Oil Index was down 0.49% at 2:44 pm EDT, the NYSE Arca Natural Gas Index had lost 1.21% to 505.69 points.

After rising 1.9% in the early morning trade, BP PLC (NYSE: BP) fell 0.38% to $26.92 at 2:44 pm EDT. The stock got a boost in the morning after the meteorological department forecasted that Alex would not come close to the area where BP is trying to cleanup the oil mess. The storm is also not likely to disrupt production of oil and gas from the rigs located off Louisiana.

The movement in the sector today typically mirrored that in crude oil. With threat from Storm Alex abating, crude slipped below $78 a barrel on the New York Mercantile Exchange (NYMEX). The futures contract for August delivery also lost $0.96 to $77.90 a barrel.

The company that made a notable movement is Noble Corp (NYSE: NE), which has climbed 2.46% to $30. The news of the company buying FDR Holdings in an all cash deal worth $2.16 billion drove the stock up.

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