The S&P Energy Index (-4.7%) is sharply lower this morning, and is currently underperforming the weakness in the broader market (-4.0%). Crude oil futures fell as low as $82.54/barrel earlier this morning and is currently trading just above those session lows.
Sector News: CNX (+3.3%) and NBL (-5.1%) entered into an agreement for the joint development of CNX's 663,350 Marcellus Shale acres in Pennsylvania and West Virginia for aggregate payments to CNX of ~ $3.4 bln. Under the agreement, NBL will acquire 50% of CNX's Marcellus Shale interest including a 50% interest in CONSOL's existing Marcellus Shale wells. HK (+0.3%) is modestly higher after BHP Billiton received final regulatory approval for tender offer of HK.
Broker Calls: ECA (-6.1%) was upgraded to Outperform at Raymond James.






