MW: Energy stocks mixed as crude dips, equities flat
By Steve Gelsi, MarketWatch
NEW YORK (MarketWatch) - Energy stocks traded flat-to-lower Tuesday after briefly moving into positive territory on better-than-expected existing homes sales data.
The broad market provided no lift to the energy sector as it turned mixed, with the Nasdaq and the S&P 500 down slightly, while the Dow Jones Industrial Average (INDU 10,807, +21.32, +0.20%) clung to a slim gain of 14 points. Exxon Mobil (XOM 66.57, -0.40, -0.60%) fell 0.8% to $66.47. Chevron (CVX 74.19, -0.27, -0.36%) dipped 0.4% to $74.16. Both oil majors are components of the DJIA.
NYSE Arca Oil Index (XOI 1,072, -1.73, -0.16%) dipped 0.3% to 1,071. The NYSE Arca Natural Gas Index (XNG 534.27, +0.71, +0.13%) rose 0.1% to 534. The Philadelphia Oil Service Index (OSX 203.97, +0.11, +0.05%) rose fractionally to 204.
Crude futures fell 25 cents to $81.35.
Resales of U.S. homes and condominiums fell 0.6% in February to a seasonally adjusted annual rate of 5.02 million, the lowest level in eight month. The figure was slightly better than the 4.93 million projected by analysts, however.
Among stocks in the spotlight, Massey Energy Co. (MEE 49.89, -0.96, -1.89%) said it plans to offer 8.5 million shares of common stock. The coal producer plans to use proceeds for its $960 million combined cash and stock acquisition of Cumberland Resources Corp. Shares fell 2.1% to $49.77.
Petrobras (PBR 44.77, -0.20, -0.45%) dipped 0.3% to $44.85. The state-run Brazilian oil giant said crude oil and natural gas output rose slightly to 2.561 million barrels of oil equivalent in February, up 1.4% from 2.526 million in January.
