MW: Oil service firms lead gains on bullish supply data
Energy shares turned higher with the broad market on Thursday, with stocks in oil service firms leading the way on bullish inventory data.
U.S. natural gas supplies fell by a greater-than-expected 112 billion cubic feet in the week ended March 6, the Energy Information Administration reported Thursday. Analysts surveyed by Platts forecasted a decline of less than 105 billion cubic feet.
As the S&P 500 reversed course and rallied 1.5% to 732, investors moved money into energy stocks.
The Amex Natural Gas Index rose 0.4% 318, including gains of nearly 4% each from Apache Corp. and EOG Resources XTO Energy fell 3% to $29.33 as a laggard in the group.
The Amex Oil Index rose 0.4% to 823, boosted by a 2.6% rise from Occidental Petroleum to $55.20.
The Philadelphia Oil Service Index jumped 1.7% to 117, led by a jump of 2.5% by Tidewater Inc. $32.91. Seven stocks in the gauge remained in the red, with Schlumberger down 2.6% to $37.80.
Oil futures rose $1.76 to $44.09, recovering some of the big losses from the previous session.
