This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Shares Of Energy Firms Fall On Dismal Jobs Report

NEW YORK (AP) â¿¿ Shares of energy companies fell Friday after a dismal report on U.S. job growth added to worries about a global economic slowdown.

The Labor Department said that U.S. employers created just 69,000 jobs in May, the smallest number in a year. The unemployment rate rose to 8.2 percent last month from 8.1 percent in April. It marked the first increase in 11 months.

At the same time, Europe is embedded in a financial crisis and China's government is working to prevent its economic growth from slowing too quickly.

Oil and natural gas prices fell sharply on the commodities markets after the report was released. Investors are concerned that demand for energy products may weaken in the months ahead because of the uncertainty about global economic growth.

In afternoon trading, benchmark oil fell $3.18, or 3.7 percent, to $83.35 per barrel and natural gas prices dropped 8 cents, or 3.4 percent, to $2.34 per 1,000 cubic feet in New York,

The price decline for oil extended a drop of more than 17 percent in May because of concerns about the economy. Natural gas prices have been weak most of the year because of an inventory glut and weak demand, in part the result of a mild winter.

In afternoon trading, shares of Chesapeake Energy Corp. fell 78 cents, or 4.6 percent, to $16.12; Devon Energy Corp. dropped $1.08 to $58.44; Anadarko Petroleum Corp. declined $1.93, or 3.2 percent, to $59.07; and Encana Corp. fell 51 cents, or 2.6 percent, to $20.13.

Shares of Exxon Mobil Corp. fell 35 cents to $78.28; EOG Resources Inc. plummeted $5.73, or 5.8 percent, to $93.57; ConocoPhillips dropped 71 cents to $51.45; Chevron Corp. declined $1.48 to $96.83; Marathon Oil Corp. decreased 69 cents to $24.22. BP PLC bucked the trend and was up 40 cents to $36.86.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs