UPDATED – Joe Weisenthal thinks the oil services weakness may have something to do with this:
WASHINGTON, April 29 (Reuters) – A U.S. Interior Department official on Thursday would not rule out a pause in new deepwater oil drilling until oil companies can demonstrate they are able to control spills.
“Everything is on the table,” Deputy Interior Secretary David Hayes said at a White House briefing on what the government is doing to handle the widening oil spill in the Gulf of Mexico caused by an oil rig explosion last week.
As the major indices powered higher throught the day, out of nowhere the oil services stocks, as represented by the OSX (Philly Oil Services Index) below, got bludgeoned. Outside of the higher-than-expected nat gas inventory report (what else is new?) I hadn’t heard anything at all on the group all day.