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MARKETS: Saudis are pumping the backwardation out of crude oil into contango city

Live from the floor of the New York Stock Exchange, Yahoo Finance's Jared Blikre joins Adam Shapiro to discuss the latest market moves.

Performance as of 1:30 pm EDT:

APA Apache Corp -4.36%

APC Anadarko Petro -3.36%

BHGE Baker Hughes a GE Co Cl A -3.53%

COG Cabot Oil & Gas Corp -1.58%

COP ConocoPhillips -4.29%

CVX Chevron Corporation -3.62%

CXO Concho Resources Inc -4.22%

DVN Devon Energy -3.53%

EOG EOG Resources -4.92%

EQT EQT Corporation -4.11%

FTI(HB) TechnipFMC plc -3.10%

HAL Halliburton Co -3.47%

HES Hess Corporation -3.35%

HFC HollyFrontier Corporation -2.13%

HP Helmerich & Payne -4.22%

MPC Marathon Petro Corp -3.29%

MRO Marathon Oil Corp -4.99%

NBL Noble Energy -3.69%

NFX Newfield Exploration -2.88%

NOV National Oilwell Varco Inc -3.68%

OKE Oneok Inc -2.58%

OXY Occidental Petro Corp -2.78%

PSX Phillips 66 -4.05%

PXD Pioneer Natural Resources -3.17%

SLB Schlumberger Ltd -3.51%

VLO Valero Energy -1.52%

WMB Williams Companies -2.64%

XEC Cimarex Energy -4.30%

XOM Exxon Mobil -2.03%