By Steve Gelsi
U.S. energy stocks Wednesday perked up from earlier losses on
the latest inventory data, with natural gas shares moving furthest
into the green as the broad market moved up.
Crude inventories rose 1.7 million barrels in the week ended
April 3, according to the latest figures from the Energy
Information Administration. Analysts at energy information provider
Platts had expected an increase of 2.3 million barrels.
Sector leader Exxon Mobil (XOM) fell 9 cents to $68.62. Chevron
(CVX) dipped 42 cents to $67.98. Both oil majors are component of
the Dow Jones Industrial Average, which rose 27 points.
Among the major energy indexes, the Amex Oil Index rose 0.2% to
869, the Philadelphia Oil Service Index rose 1.2% to 132, and the
Amex Natural Gas Index rose 2.3% to 366.
Crude futures reversed course and rose 28 cents to close at
$49.43 a barrel in regular trading on the New York Mercantile
Exchange.
Among stocks in the spotlight, Royal Dutch Shell (RDSA), inked a
deal with Gazprom that will allow the world's largest natural gas
producer to sell sizeable supplies of liquid natural gas in the
U.S.
Chevron will be forced to include a shareholder resolution that
mentions billions in potential liabilities in an environmental
court case it's fighting in Ecuador. The New York City
Comptroller's Office has urged Chevron to settle the case,
according to reports.
Atwood Oceanics Inc. (ATW) rose 1.5% to $19.25. The
Houston-based drilling contractor said a rumor of a pending
acquisition of the firm appears to be "unfounded." The company said
it is unaware of any corporate activities that would account for
unusual market activity in its common stock.
Spectra Energy Partners LP (SEP) entered into a definitive
agreement with Atlas Pipeline Partners LP (APL) to acquire all of
the ownership interests of a 565-mile natural-gas transmission line
for $300 million in cash. Shares of Spectra rose 2.4% to
$22.10.
-Steve Gelsi; 415-439-6400; AskNewswires@dowjones.com
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