Energy Stocks Rise from Lows, Oil Shares Move Up
Source: MarketWatch, Steve Gelsi (4/8/10)
". . .crude oil futures recovered above the $85-a-barrel mark"
The NYSE Arca Oil Index (XOI) rose 0.2% to 1,099. The NYSE Arca Natural Gas Index (XNG) fell 0.5% to 552. The Philadelphia Oil Service Index (OSX) dropped 0.7% to 213.
The Dow Jones Industrial Average (INDU) rose 15 points. Crude futures fell 37 cents to $85.51 a barrel.
Among stocks in the spotlight, EOG (EOG) rose 3% to $106.80. The energy firm met with Wall Street analysts this week to lay out its strategy of boosting oil production.
The move is seen as a positive for the company as it tilts slightly away from natural gas, which has seen much weaker prices in recent months.
Massey Energy (MEE) rose 2.3% to $46.32. The coal firm's stock bounced back from three days of losses following a fatal mine blast that killed 25 workers. Rescue crews were forced to abandon a rescue mission on Thursday.
In Canada, Athabasca Oil Sands (WLP) debuted its initial public offering at C$18 a share. The stock, which trades under the symbol ATH, fell to C$17.31 a share on the Toronto Stock Exchange.