Bullish oil supply data helps oil regain $80 level
By Steve Gelsi, MarketWatch
NEW YORK (MarketWatch) — Petroleum shares led gains in energy stocks on Wednesday, taking some of the sting out of sizable losses sustained in the previous session.
In energy trading, crude-oil futures also moved higher, on the heels of the biggest one-day price slide in eight months. See MarketWatch report on crude futures back at the $80-a-barrel level.
The NYSE Arca Oil Index (XOI 1,080, +12.09, +1.13%) added 1% to 1,079 points, one day after the index of major petroleum producers and refiners fell nearly 3%.
The NYSE Arca Natural Gas Index (XNG 548.17, +4.81, +0.89%) also rose 0.7% to stand at 547.
The Philadelphia Oil Service Index (OSX 202.25, +0.39, +0.19%) showed a gain of 0.1% to 202.
Among stocks on the move, Anadarko Petroleum (APC 57.15, +1.10, +1.96%) rose 1.6% and Ensco PLC (ESV 47.71, +1.27, +2.74%) added 2%. Shares of Williams Cos. (WMB 21.51, +0.50, +2.38%) also stood out, gaining 2.5%.
On the oil supply front, the Energy Information Administration said U.S. petroleum inventories rose by 700,000 barrels in the week ended Oct. 15, while analysts polled by Platts expected an increase of 2.1 million barrels.
