Energy stocks mustered modest gains Thursday, led by the oil-services group with help from firmer crude-oil and gasoline prices in the commodities pits. The Philadelphia Oil Service Index ($OSX:259.65, +3.31, +1.3%) showed the strongest gains, up 1.8% at 260 points, as investors breathed a sigh of relief following overwhelmingly positive damage reports back from the field following Hurricane Dean.
Top performers in the group included National Oilwell Varco Inc. (NOV:115.29, +1.81, +1.6%) , up 2.4%, Smith International Inc. (SII:61.63, +1.14, +1.9%) and Tidewater Inc. (TDW:63.93, +1.17, +1.9%) , both up about 2%.
The Amex Oil Index (XOI:1,321.26, +2.18, +0.2%) was ahead 0.5% at 1,325 points, which it hit in opening trades, with support from an uptick in crude prices.
The Amex Oil Index (XOI:1,321.26, +2.18, +0.2%) was ahead 0.5% at 1,325 points, which it hit in opening trades, with support from an uptick in crude prices. Crude for October delivery was last trading on the New York Mercantile Exchange at $69.70 a barrel, up 44 cents. But the strongest percentage gains were being logged by gasoline futures, up 1% at $1.907 per gallon, following a bullish drop in U.S. inventories reported Wednesday by the Energy Department. The Amex Natural Gas Index (XNG:477.48, +2.31, +0.5%) was ahead 0.5% at 477.7 points.
Via: MarketWatch
by Jim Jelter
by Jim Jelter
