Sector Wrap: Oil and gas shares slide (AP)

Wednesday July 16, 3:50 pm ET By Ernest Scheyder, AP Business Writer Oil and gas shares mostly slide after government posts jump in supplies, prices fall on Nymex NEW YORK (AP) -- Shares of oil and gas companies fell Wednesday after the U.S. government reported a jump in crude and gasoline supplies, and prices fell on the New York Mercantile Exchange. Light, sweet crude for August delivery fell $4.14 to settle at $134.60 on the Nymex -- a dramatic change from last week, when prices climbed above $147 per barrel. Natural gas prices fell 7.9 cents to settle at $11.398 per 1,000 cubic feet on the Nymex. Meanwhile, the Department of Energy's Energy Information Administration said U.S. crude oil supplies jumped by 3 million barrels, or 1 percent, last week. Analysts surveyed by energy research firm Platts had expected a draw of 3... [read full story]