MW: Energy stocks rise from lows as oil supplies fall
By Steve Gelsi, MarketWatch
NEW YORK (MarketWatch) -- Energy stocks rose off their lows from the session on Wednesday as the broad market moved into positive territory and weekly U.S. supply data provided little resistance.
The Dow Jones Industrial Average (DJIA 10,373, +9.72, +0.09%) rose 9 points, providing an upward bias for energy stocks.
The NYSE Arca Oil Index (XOI 964.90, -2.77, -0.29%) dropped 0.4% to 964, while the NYSE Arca Natural Gas Index (XNG 513.90, +1.25, +0.24%) rose fractionally to 513 and the Philadelphia Oil Service Index (OSX 178.20, +0.45, +0.25%) advanced 0.6% to 179.
U.S. crude oil supplies dropped by 5 million barrels in the past week, according to the Energy Information Administration. Analysts expected a draw down of 1.2 million barrels, according to a survey by Dow Jones Newswires.
Gasoline stockpiles rose by 1.6 million barrels, ahead of the expectation that they would hold steady.
Among stocks on the move, BP PLC (BP 36.54, -0.35, -0.94%) fell 1% to $35.51.
The oil major announced a delay in containment efforts on its leaking well in the Gulf of Mexico. Company officials said they're studying whether to move ahead with a new containment cap or shift to other oil-collection options at the site. See full story.
Also lower, Magellan Midstream Partners L.P. (MMP 47.25, -0.99, -2.05%) dropped about 3% to $46.85. The partnership said it priced 5 million common units at a price of $46.65 each for proceeds of $233 million, money that will help pay for petroleum storage and pipeline assets.
Shares of Range Resources (RRC 42.89, +1.14, +2.73%) rose 2.4% to $42.77. The company said it'll disclose more information about additives used in hydraulic fracturing on its Web site.
