MW: Oil service, natural gas stocks up. but Exxon and Shell lag
By Steve Gelsi, MarketWatch
Energy stocks gain despite Exxon, Shell
NEW YORK (MarketWatch) - Energy stocks rallied with the broad market on Thursday, with a less-than-expected drop in gross domestic product providing a lift to shares of natural gas producers and oil service firms, even as oil majors Exxon Mobil and Royal Dutch Shell lagged.
Crude futures fell $1.66 to end at $65.84 a barrel after breaking through the $70 level for the first time since Oct. 21. Prices for natural gas headed higher after the EIA reported a 46 billion cubic-foot increase in natural-gas supplies in storage for the week ended Oct. 24. See Futures Movers.
The Amex Oil Index rose 3.8% to 940, with component Valero up 10% to $19.22.
Exxon Mobil rose 40 cents to $75.05 after the oil giant posted a 58% increase in net income, but it announced $500 million in fresh fourth-quarter expenses and said production dropped. See full story.
Royal Dutch Shell stumbled 3% to $54.10 after it reported a 22% rise in third-quarter earnings. See full story.
Refiner Tesoro Corp. rose 5 cents to $9.95 after it grew its third-quarter profit by fivefold as it benefited from a drop in oil prices. See full story.
Murphy Oil Corp. shares rose 4.9% to $49.61 after it more than doubled its third-quarter earnings, citing record-high oil prices and big production gains on overseas fields for the robust results. See full story.
The Philadelphia Oil Service Index rallied 7% to 153. BJ Services rose a penny to $13.47 after it issued a profit warning on an expected drop in drilling activity. See full story.
The Amex Natural Gas Index rallied 6.7% to 427, led by an 12% rise to $33.19 from component Questar Corp.
