Oil Prices Rebound From Early Pullback
Energy futures were moving higher in an erratic day of trading at the New York Mercantile Exchange, overcoming an earlier step back that for a time had put crude below $127 a barrel.
West Texas crude for July delivery was recently trading up $1.16 at $130.16 a barrel. Brent crude was gaining $1.47 at $129.78 a barrel.
Reformulated gasoline was up 4 cents at $3.42 a gallon. Heating oil edged 3 cents higher to $3.83 a gallon, and near-term natural gas was up 8 cents at $11.88 per million British thermal units.
On a day with no new major data or headlines, energy traders appear to be awaiting Thursday's release of the Energy Department's weekly petroleum report for motivation. The report was delayed a day because Monday was a federal holiday.
Cramer: Get Ready For an Energy Pullback |
var config = new Array(); config<BRACKET>"videoId"</BRACKET> = 1577995709; config<BRACKET>"playerTag"</BRACKET> = "TSCM Embedded Video Player"; config<BRACKET>"autoStart"</BRACKET> = false; config<BRACKET>"preloadBackColor"</BRACKET> = "#FFFFFF"; config<BRACKET>"useOverlayMenu"</BRACKET> = "false"; config<BRACKET>"width"</BRACKET> = 265; config<BRACKET>"height"</BRACKET> = 255; config<BRACKET>"playerId"</BRACKET> = 1243645856; createExperience(config, 8); |
Meanwhile, energy stocks were mostly lower. Among integrated stocks,
BP
(BP) - Get Report
was sliding 1.9% to $72.15, while
Chevron
(CVX) - Get Report
was fractionally lower at $99.48.
Exxon Mobil
(XOM) - Get Report
was up 0.2% at $88.96.
In the oil services and drilling space,
Halliburton
(HAL) - Get Report
was 0.6% lower at $47.83,
National Oilwell Varco
(NOV) - Get Report
was down 0.3% at $80.46 and
Transocean
(RIG) - Get Report
was climbing 0.4% to $153.96.
The
U.S. Oil Fund
(USO) - Get Report
, an exchange-traded fund that closely tracks the performance of WTI futures on the Nymex, was recently trading 0.9% higher at $105.16.