Energy stocks opened the week to the upside, extending Friday's gains on the back of continued strength in petroleum product prices and more violence in Nigeria's oil fields.
Early trades lifted the Amex Oil Index (XOI :1,467.68, +8.60, +0.6% ) as much as 0.6% to 1,469.6 points at the open -- a new record high. Hess Corp. (HES :61.98, +1.03, +1.7% ) was leading gainers in the group, up 1.6% at $61.88 a share, also slipping off an all-time high hit at the open.
Refiner Valero Energy Corp. (VLO :76.55, +1.06, +1.4% ) was up 1.4% at $76.59 a share, continuing to draw strength from high gasoline demand.
Refiner Valero Energy Corp. (VLO :76.55, +1.06, +1.4% ) was up 1.4% at $76.59 a share, continuing to draw strength from high gasoline demand.
Industry giant and Dow Jones Industrial component Exxon Mobil Corp. (XOM :87.27, +0.81, +0.9% ) was ahead 0.4% at $86.79 while Chevron Corp. (CVX : 88.74, +1.06, +1.2% ) was up 0.5% at $88.14 and ConocoPhillips (COP : 81.47, +0.43, +0.5% ) was up 0.3% at 81.30.
Shares of Royal Dutch Shell Plc. (RDSA :84.96, -0.22, -0.3% ) traded in New York were down 0.2% at $85, one of the few decliners Monday. According to media reports, two of the company's Nigerian employees were being held there following a new round of militia attacks on oil installations over the weekend.
The violence in Nigeria's delta region continues to keep upward pressure on oil prices as well. Crude for August delivery was up 2 cents at $72.83 a barrel while the August gasoline futures were trading as high as $2.346 a gallon, a contract high. See Futures Movers.
The Amex Natural Gas Index (XNG :516.62, +3.42, +0.7% ) was up 0.7% at 517 points and the Philadelphia Oil Service Index ($OSX :274.18, +0.38, +0.1% ) was ahead 0.4% at 275 points.
In the oil service group, Weatherford International Inc. (WFT :57.36, +1.22, +2.2% ) was leading gainers in the group, up 2% at $57.26 following an upgrade from JP Morgan to neutral from underweight.
