· Energy was one of the worst sectors in the market on weakness across the board despite
flattish crude.
· Integrateds were off around 5%, led lower by BP which now sits around a 14-year low after falling over 9% this week. A lot of noise came out on BP / Gulf but in the end it’s a lot of the same…the spill is still ongoing, Obama is still looking to come down harshly on BP, and there is still uncertainty over BP’s future.