By Steve Gelsi, MarketWatch
NEW YORK (MarketWatch) — Energy stocks perked up Monday, adding to recent gains, after the U.S. Commerce Department reported a greater-than-expected rise in consumer spending.
Personal consumer spending increased 0.7% last month, slightly stronger than the 0.6% gain expected by economists surveyed by MarketWatch. Read more about latest income, spending data.
Meanwhile, over the weekend, rebels in Libya captured the oil ports of Brega and Ras Lanuf, feeding hopes of increased oil production.
At last check, the NYSE Arca Oil Index (XOI 1,376, +2.86, +0.21%) rose 0.2% to 1,376. The NYSE Arca Natural Gas Index (XNG 692.97, +3.38, +0.49%) added 0.4% to 693, while the Philadelphia Oil Service Index (OSX 292.00, +2.71, +0.94%) gained 0.7% to 291.
Among advancers, shares of Schlumberger Ltd. (SLB 90.07, +3.18, +3.66%) rose 2.4%, Halliburton Co. (HAL 47.35, +1.31, +2.85%) climbed 1.9% and Occidental Petroleum Corp. (OXY 102.38, +1.53, +1.52%) tacked on 1.1%. Shares of First Solar Inc. (FSLR 154.75, +4.31, +2.87%) rallied 4.2%.
On the downside, shares of Nabors Industries Ltd. (NBR 29.42, -0.15, -0.51%) fell 1.1% and Peabody Energy Corp. (BTU 71.51, -1.12, -1.54%) declined 1.8%.
Crude-oil futures dropped 1.5% to $103.85 a barrel. See more about crude-oil prices.
Exxon Mobil Corp. (XOM 83.87, +0.25, +0.30%) said its Exxon Mobil Iraq Ltd. unit increased production at the West Qurna I field to 285,000 barrels a day from 244,000 barrels. The latest figure exceeds the 10% improved production target in its technical-services contract, the oil major said.
Other participants in the oil field include Royal Dutch Shell’s (RDS.A 71.90, -0.80, -1.10%) Shell West Qurna B.V. and Oil Exploration Co. of Iraq.
Shares of Exxon Mobil rose 0.1%.
Williams Cos. (WMB 31.38, +0.25, +0.80%) said Monday that it plans to invest C$311 million as part of a plan to produce up to 17,000 barrels a day of ethane and ethylene for Nova Chemicals Corp. in Alberta, Canada. Williams will expand its two primary facilities in Alberta to process off-gas from the Alberta oil sands.
