Seeking Alpha

Energy names lead Dow lower as oil tumbles

  • The energy sector (XLE -1.3%) is lit up bright red this session as WTI crude oil for October delivery dives 3% to $93.04 per barrel, within a dollar or so of 2014's low price. Also headed south is natural gas, -4.1% to $3.89 per MBtu.
  • USO -3%, UNG -4.5%
  • The Dow (DIA -0.2%) is the weakest of the major averages, with Dow components Chevron (CVX -1.5%) and Exxon (XOM -1.1%) among the index's worst performers.
  • ETFs: XLE, ERX, VDE, OIH, ERY, FCG, XOP, DIG, GASL, DUG, IYE, IEO, GASX, PXE, PXJ, FENY, RYE, FXN, DDG
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Comments (4)
  • Abigsoxfan
    , contributor
    Comments (874) | Send Message
     
    Well is the economy heating up or isn't it as the Obama administration would have us believe? If it is heating up as they say, this drop will be temporary and this could be a great buying opportunity. If it isn't, we may all be screwed.
    2 Sep 2014, 04:14 PM Reply Like
  • SteveTheHawk
    , contributor
    Comments (1887) | Send Message
     
    One does begin to wonder. Our Guv here in Michigan says that over his 4 years in office, the economy has really made a comeback. Hmmmm. We're still among the worst for unemployment. Guess I don't understand the definition of comeback. Same on the national level. In general, it still seems a bit lousy out there.
    2 Sep 2014, 04:41 PM Reply Like
  • Captain Pike
    , contributor
    Comments (785) | Send Message
     
    It's complicated, there is and will continue to be a glut in oil, because fracking tech is amazing so that explains the drop in oil, but it won't crash because it is expensive to produce. There is also the increase in mpg and alternatives will be increasing.

     

    The economy is steady and good, just not crazy because of productivity and efficiency which will keep true unemployment high until a future admin does major infrastructure spending as the deficit shrinking allows.
    2 Sep 2014, 04:51 PM Reply Like
  • Kal Telage
    , contributor
    Comments (292) | Send Message
     
    Both the US and OPEC are letting it rip as demand decreases.
    3 Sep 2014, 01:19 AM Reply Like
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