Monday, July 23, 2012

China Worries Hit Energy Stocks

Energy stocks were declining along with much of the market today. Crude oil futuresfell on worries over�demand from China, as the nation’s�GDP growthmissed analysts’ estimates.

Energy names were down across the board: Big oil was in the red, with ExxonMobil (XOM) falling 0.4% and Chevron (CVX) down 0.7%. ConcoPhillips�(COP)�was nearly flat in morning trading.

Elsewhere, coal and natural gas stocks were also falling. Consol Energy (CNX) was off 3.2% in recent trading as Patriot Coal (PCX) tumbled 4% and Chesapeake (CHK)�lost 3.5%.

Services stocks were also losing ground: Baker Hughes (BHI) and National Oilwell Varco (NOV) were both recently down 1.5%

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