Energy Complex Ends Lower

Elsewhere, members of the Organization of Petroleum Exporting Countries met to discuss oil production quotas and decided not to change crude output targets. However, the group did lift its 2007 forecast for worldwide oil demand.

Meanwhile, energy stocks were mixed. The iPath Goldman Sachs Crude Oil (OIL Quote) ETF fell 1% to $35.51.

E&P firm Carrizo Oil & Gas (CRZO Quote) reported that it replaced 607% of its 2006 production with year-end proved reserves of 210 billion cubic feet equivalent. Carrizo's stock rose 2.4% at $29.92.

ConocoPhillips (COP Quote) was downgraded by Goldman Sachs to neutral from buy. An analyst at Goldman said that he doesn't think the company will improve its profitability relative to its competitors. Its stock fell 2% to $66.52.

The firm also downgraded Anadarko Petroleum (APC Quote) from neutral to sell, and the shares dropped 0.4% to $39.95.

Shares of Marathon Oil(MRO Quote) and Frontier Oil (FTO Quote) were both upgraded by Goldman Sachs to buy from sell, giving the stocks a boost. Marathon traded 0.5% higher at $93.90, and Frontier climbed 0.7% to $31.40.

Shares of coal producer Consol Energy (CNX Quote) rose 3.2% to $36.33 after getting an upgrade from Stifel Niolaus from hold to buy. The stock's price target was increased to $44.

Gulfmark Offshore (GMRK Quote) was downgraded by JP Morgan from overweight to neutral, and its stock slipped 5.7% to $41.49.