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Thomson Reuters: September 19 Energy Commentary

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September 19, 2012

Energy stocks closed lower, dramatically lagging the broader markets for a second straight day, on weakness in commodity prices.  Refiners were the lone oil and gas sub-industry to close in the green, benefiting from the improvement in crack spreads, while equipment and drillers were the chief laggards. 

WTI crude oil sank $3.31 or 3.47% to $91.98 as Saudi efforts to tame prices and a much bigger-than-expected rise in U.S. crude inventories after Storm Isaac fuelled a third day of heavy fund liquidation, one of the biggest sell-offs in more than ...

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