MW: Energy stocks perk up on bullish inventory data
Chevron and Atwood Oceanics draw spotlight
Energy stocks perked up from earlier losses on bullish inventory data, with natural gas shares moving furthest into the green as the broad market moved up.
Sector leader Exxon Mobil rose 17 cents to $68.88. Chevron rose 8 cents to $68.48. 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 870, the Philadelphia Oil Service Index rose 0.3% to 131, and the Amex Natural Gas Index rose 1.9% to 365.
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.
Crude futures reversed course and rose $1.36 to $50.51 after the data. See full story.
Public-employee pension funds of New York City, as well as New York, Maryland and Pennsylvania, have contacted company directors to clarify how
Chevron will be forced to include a shareholder resolution that mentions billion 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. See full story.
Atwood Oceanics Inc. rose 9 cents to $19.06. 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 entered into a definitive agreement with Atlas Pipeline Partners LP 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.