Oilfield Stocks Take A Hit As Crude Dips Below $30

Wednesday, March 22, 2000
Profit-taking hit oilfield service and drilling stocks on Monday as U.S. crude oil prices shed over a dollar to dip below $30 a barrel for the first time since February 28. On Monday afternoon, the Philadelphia Stock Exchange's oilfield service index was off 4.82 points or 4.6 percent at 100.03, while U.S. April crude oil futures were $1.23 lower at $29.68 a barrel.

Halliburton Co., the world's biggest oilfield service provider, was off more than five percent at 36-3/8 while Schlumberger Ltd., the industry's No. 2, was down 3-12/16 at 70-9/16.

Transocean Sedco Forex Inc., the world's largest offshore drilling company, saw its stock trade 3-5/8 lower at 39-3/8, a loss of more than eight percent on the day.

One analyst said the oilfield services sector had become susceptible to profit-taking after prices ran up sharply in line with rising crude oil prices in February and early March. However, the analyst said he did not expect stocks within the sector to enter a sustained period of decline.

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Obama Defends Arctic Oil Drilling

United States' President Barack Obama defends his decision to allow Royal Dutch Shell to drill for oil in the Arctic Ocean.   He insisted that there was no contradiction

Keppel Acquires Cameron's Rig Business

Singapore's Keppel Offshore & Marine (KOM), via subsidiary, Keppel Offshore & Marine USA  has inked a deal with Cameron International Corporation, a US-based oil and gas solutions provider,

Eni Finds Giant Egyptian Offshore Gas Field

The Italian energy major Eni SpA discovered a “super giant” natural gas field offshore Egypt in what the Italian oil company said is the largest find in the Mediterranean Sea.

 
 
Maritime Contracts Maritime Security Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1135 sec (9 req/sec)