Energy stocks continued their upward momentum on Friday, rising with the broad market to kick off 2009 trading in the green column.
The Amex Oil Index rose 0.6% to 985, with shares of Anadarko Petroleum up 2.5% to $39.51. Refiner Valero rose nearly 1% to $21.81, but Sunoco fell back 1.9% to $42.62.
The Amex Natural Gas Index advanced 1.7% to 382, with shares of component Southwestern Energy Co. up 3% to $29.85.
The Philadelphia Oil Service rallied 2.5% to 124.5, with component Transocean gaining 3.5% to $48.91.
Crude futures fell 83 cents to $43.77 on demand concerns, dipping after a big rise in the previous session. See Futures Movers.
In recent days, energy stocks have risen, closing out the past week with end-of-the-year buying.
In this holiday-shortened week, the Amex Oil Index has risen 5.4%, or 50.4 points over its close of 929.3 on Dec. 26. The index of major oil producers closed at 979.7 on Wednesday.
The Amex Natural Gas Index has risen about 4.5% in the past week as of Wednesday's closing point of 375.4, up from its ending point of 359.2 last Friday.
The Philadelphia Oil Service Index was up 6% for the week as of Wednesday's close of 121.4, from its level of 114.1 a week ago.
The energy sector gains prompted a downgrade from Sunoco Inc. to buy from hold at Soleil Securities, as cheap gasoline and diesel prices move toward prospects of deeper losses in the refining business.
Despite a positive outlook for Sunoco's Coke and Logistics units, the Philadelphia petroleum refining firm could face more depressed refining margins, noted analyst Jacques Rousseau.
Sunoco's share price has risen 25% since Dec. 15, ahead of the 15% gain for its peer group, and well ahead of the 4% rise in the S&P 500, he noted.
Meanwhile, retail gasoline prices crept up by 2 cents to $1.63 a gallon on Friday, according to the AAA Daily Fuel Gauge Report.
Petroleum shares up for the month
With a 2.5% boost from sector leader Exxon Mobil the Amex Oil Index has risen 5.4%, or 50.4 points over its close of 929.3 on Dec. 26. The index of major oil producers closed at 979.7 on Wednesday. The Amex Natural Gas Index has risen about 4.5% in the past week as of Wednesday's closing point of 375.4, up from its ending point of 359.2 last Friday.
The Philadelphia Oil Service Index was up 6% for the week as of Wednesday's close of 121.4, from its level of 114.1 a week ago.
The energy sector gains prompted a downgrade from Sunoco Inc. to buy from hold at Soleil Securities, as cheap gasoline and diesel prices move toward prospects of deeper losses in the refining business.
Despite a positive outlook for Sunoco's Coke and Logistics units, the Philadelphia petroleum refining firm could face more depressed refining margins, noted analyst Jacques Rousseau.
Sunoco's share price has risen 25% since Dec. 15, ahead of the 15% gain for its peer group, and well ahead of the 4% rise in the S&P 500, he noted.
Meanwhile, retail gasoline prices crept up by 2 cents to $1.63 a gallon on Friday, according to the AAA Daily Fuel Gauge Report.
Petroleum shares up for the month
With a 2.5% boost from sector leader Exxon Mobil the Amex Oil Index managed to eke out a gain of 1.2% in December, even as other energy indexes fell sharply.
Exxon Mobil was last trading down 39 cents or 0.5% at $79.44.
The Amex Oil Index of major petroleum producers and refiners rose 11.5 points to close at 979.7 on Dec. 31, up from its starting point of 968.2 on Dec. 1.
The Amex Natural Gas Index fell 33.6 points to close at 375.4 in December, down 8.2%, from its starting point of 409 for the month.
The Philadelphia Oil Service Index retreated about 6.5% to end at 121.4 points on Dec. 31, falling 8.4 points from its starting point of 129.8 for the month.
Looking back at 2008, the Amex Oil Index fell about 37%, while the Amex Natural Gas Index retreated about 35% and the Philadelphia Oil Service Index fell 60% as the biggest loser. See full story.
