Energy Sector Spotlight: Stocks Gain on IEA Report
Stocks trading in the energy sector (NYSE:XLE) moved higher today, gaining .75%, on news that the International Energy Agency’s monthly oil report showed that that global crude oil inventories are on the decline. Among the stocks leading the sector higher were drill bit maker Baker Hughes (NYSE:BHI), up 3.3%, Nabors Industries Ltd (NYSE:NBR) up 2.8%, and Alpha Natural Resources Inc (NYSE:ANR) up 3.2%. Analysts say, “Demand [for oil] remains more resilient than we might have anticipated,” in regard to the IEA report, adding, “The jury is still out on Saudi’s ability to achieve/maintain 10 million barrels of oil per day,” a claim the nation made following OPECs recent failure to come to terms on a production increase.
Here’s a look at how some of the top oil stocks fared on markets today:
Exxon-Mobil (NYSE:XOM) up .72%, BP (NYSE:BP), up .76%, Chevron Corp. (NYSE:CVX) up .67%, Marathon Oil Corporation (NYSE:MRO) up .60%, ConocoPhillips (NYSE:COP) up .08%, Royal Dutch Shell (RDS.A) up .95%, and Suncor Energy Inc. (NYSE:SUN) up 1.07%.