() New York – Crude oil futures broke through the $70 per barrel mark Monday morning as doubt over EU debt translated into lower stock prices.  As a result, oil stocks fell.

Crude oil futures fell Monday with West Texas Intermediate off $1.85 per barrel, or 2.58%, at $69.76 as of 12 noon EST.  The price drop followed a downturn in equities as the Dow gave up 130 basis points, or 1.23%, to trade at 10,489.  Independent oil & gas producers faired even worse with their Composite off 2.72% at 888.2.

In Europe, doubt grew over the level of EU debt after Germany’s Finance Minister, Wolfgang Schaeuble, said at an EU Commission meeting in Brussels Monday that out of control deficits was “the only task that everyone has to fulfill for himself and for the common good.”  That was all energy traders needed to hear.

In London, Brent Crude on the ICE Exchange lost $2.60, or 3.35%, to trade at $75.32 per barrel, while in New York, other energy sectors followed WTI prices lower.

Gasoline futures gave up 6.87 cents per gallon, or 3.22%, to trade at $2.06.

Heating oil futures lost 6.4 cents per gallon, or 3.14%, at $1.99 per gallon, breaking the $2.00 barrier.

Independent oil & gas producers saw their shares punished as well as investors looked to selloff holdings, afraid over possible earnings directions with energy prices down as they are.

Suncor Energy (NYSE: SU) lead the sector, off $1.32, or 4.26%, at $29.67.  The Calgary-based independent oil company received a double-whammy from investors as Canadian energy stocks reacted to the drop in commodity market prices.

Canadian Natural Resources Ltd. (NYSE: CNQ) lost $2.77, or 3.95%, to trade at $67.38.

Occidental Petroleum Corp. (NYSE: OXY) gave up $2.34, or 2.86%, to trade at $79.62.

CNOOC Ltd. (NYSE: CEO) lost $4.53, or 2.78%, to trade at $158.30.

Among the micro cap, or junior, independent oil and gas companies, Trans Energy Corp. (Otcbb: TENG) gained 20 cents, or 6.67%, to trade $3.20 per share, though the very thinly traded stock managed to move higher on a mere 626 shares in trading activity.

Hallador Energy Co. (Otcbb: HPCO) rose 10 cents, or 1.2%, to trade at $8.40.  Hallador Energy, previously Hallador Petroleum, traded even less than TENG, a mere 180 shares.  The Company is now a holding Co. for Sunrise Coal LLC, with mining operations in Western Indiana.

Samson Oil & Gas Ltd. (AMEX: SSN) got a haircut Monday with the downturn in oil, losing 4 cents, or 5.6%, at $0.64.  The loss was despite the company’s recent efforts to broaden its public image as an attendee at The Money Show, an investor awareness symposium held last week in Las Vegas.  attended the Show, but did not interview SSN.

Another coal operator, Novadx Ventures Corp. (TSX-V: NDX), fared even worse, seeing its shares give up 2 cents, or 6.25%, to trade at $0.30 per share.  The Company, which has tried in vain to educate investors on the fact that it produces coking coal, which is used in the production of steel.  Coking coal, or more precisely, metallurgical coal, sells for a premium over thermal coal, though after three days in Vegas, Novadx CEO Neil MacDonald, is no better off than before with sector prices punishing his otherwise promising company.  Again, did not visit with Novadx at The Money Show May 10th through the 13th.

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