Market Overview

Energy Stocks Mirror Crude Movement


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.

Read more from Benzinga's Markets.


Related Articles (BP + NE)

View Comments and Join the Discussion!

Posted-In: Energy SectorNews Intraday Update Markets Movers Trading Ideas

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at