MW: Oil stocks waver as offshore rigs brace for Isaac
By Jim Jelter
SAN FRANCISCO (MarketWatch) -- Oil and gas stocks opened the week little-changed as the market keeps a close eye on Tropical Storm Isaac, currently gathering strength as it rolls into the eastern Gulf of Mexico. Precautionary rig evacuations ahead of the storm have already shut about a quarter of the Gulf's offshore oil output and nearly 10% of its natural gas production. Independent refiner Valero Energy VLO +5.16% was by far the sector's biggest percentage gainer Monday, up 4.8% at $30.60. Shares of BP Plc. BP +0.34% , one of the region's biggest deepwater operators, were up 0.3%. The Philadelphia Oil Service Sector Index OSX +0.16% was ahead 0.1% at 226.8 points while the NYSE Arca Oil Index XX:XOI -0.02% was of 0.1% and the NYSE Arca Natural Gas Index XX:XNG -0.31% was off 0.3%.
