By Steve Gelsi, MarketWatch
NEW YORK (MarketWatch) -- Energy stocks traded mixed on Tuesday, as investors caught their breath after a big run-up in the previous session against the expectation of plentiful supplies of natural gas and crude.
Commodities markets provided no lift. Oil futures edged up 4 cents to $82.21 a barrel, while natural gas prices fell about 4 cents to $3.88 per thousand British thermal units.
Saudi Arabian oil minister Ali al-Naimi raised the prospect of producing more oil if crude prices move past the $80-a-barrel level.
Among the major energy sector benchmarks, the NYSE Arca Oil Index (XOI 1,074, +0.28, +0.03%) traded about flat at 1,073. The NYSE Arca Natural Gas Index (XNG 535.39, -1.73, -0.32%) dropped 0.4% to 535. The Philadelphia Oil Service Index (OSX 204.59, +1.49, +0.73%) rose 0.3% to 204.
Among stocks in the spotlight, Weatherford International (WFT 15.83, +0.18, +1.15%) rose 0.6% to $15.75. The company won a portion of $500 million in drilling contracts awarded by BP (BP 56.92, +0.03, +0.05%) and the Iraq's oil government, according to reports. Schlumberger (SLB 63.70, +0.63, +0.10%) also won contracts. Shares of Schlumberger rose 0.9% to $63.62.
Iraqi oil ministry's petroleum contacts and licensing directorate, Abdul Mahdy al-Ameedi, told Dow Jones Newswires about the contracts.
Meanwhile, shares of Tesoro (TSO 13.55, -0.15, -1.10%) fell a penny to $13.69. The company will soon announce a former ConocoPhillips (COP 51.06, -0.09, -0.18%) executive, Greg Goff, will join the refining firm as chief executive, according to a report in The Wall Street Journal.
