Energy: scientists say that ¾ of the spilled oil in the Gulf hasn’t been recovered $BP

Energy · Energy was one of the weakest sectors in the market (now weakest sector YTD) as a down tape and a slide in both crude and natural gas sent the entire space lower. Integrateds were all lower on crude weakness. BP was a notable laggard in the group, falling over 8% due to reports that its final kill operation in the Gulf will be delayed until September. · Services and drillers both underperformed the group, moving lower on crude weakness and comments from a few prominent scientists that ¾ of the spilled oil in the Gulf hasn’t been recovered. · Refiners were lower as well, trading off with the group despite higher crack spreads. · E&Ps were one of the weakest groups in the sector, falling around 5% after a drop in natural gas below $4.20 raised concerns about a supply glut in 4Q and into 2010. · Coals were mixed despite the weakness in natural gas amid little news, although reports that Soros added to a few energy companies (particularly MEE) added a little positive sentiment to the group. · Shipping/tankers were mostly lower, but outperformed the group a bit thanks to eleven straight positive days for the Baltic Dry Index. NM also helped give the group a boost after reporting earnings Thursday. · Solars were mostly lower, underperforming the group as lower oil and natural gas prices hurt demand for alternative energy.