Crude Slips Below $100, Reaction Muted

[Stocks-to-Watch]

The price of Texas crude fell $2.10, or 2%, Friday to close at $98.25 per barrel, after the day passed without much news to change reality in Europe or the Strait of Hormuz.

Natural gas prices closed at $2.35 per million British thermal units, a rock bottom price albeit with a three-cent gain Friday that amounted to a 1.3% boost. Brent crude has been trading at a premium price of around $110 per barrel.

Traders were looking for something more definitive between Greek leaders and private investors to reduce debt, though word was that another agreement to cut the nation’s debt burden is in the offing. From there, there may be more to extrapolate on the relative health of Europe’s economy and, more importantly, demand for oil.

Energy stocks shrugged shoulders, with major U.S. integrated energy player ExxonMobil (XOM) up 13 cents, or 0.15%, to $87.15. ConocoPhillips (COP) was down 29 cents, or 0.39%, to $70.98.

Among gas-exposed players: Range Resources (RRC) fell 37 cents, or 0.67%, to $53.69 and Chesapeake Energy (CHK) rallied 1%, or 26 cents, to $20.94



Original Article Source by Barrons.com