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Oil stocks clinch gains as crude eyes $73
Sector advances 3.5% for the week, continues to outpace S&P 500
By Jim Jelter, MarketWatch
Last Update: 5:05 PM ET Jul 6, 2007

http://www.marketwatch.com/News/Story/Story.aspx?column=Energy+Stocks

latest news [MDU] MDU Resources acquires Ames Sand & Gravel

ENERGY STOCKS

SAN FRANCISCO (MarketWatch) - Oil stocks advanced to record-high territory Friday, garnering strong support from crude's move to within striking distance of $73 a barrel and a handful of rosy earnings estimates for big exploration and production companies.
There was less to cheer about in natural gas stocks, which were hemmed in by a 3% drop in underlying gas prices.
The Amex Oil Index (XOI : amex oil index
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Last: 1,459.08+17.71+1.23%

4:43pm 07/06/2007

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XOI1,459.08, +17.71, +1.2%) finished the session with a 1.2% gain at 1,459.1 points, moving swiftly past Thursday's minor setback to wrap up the holiday-shortened week with a 3.5% gain. Once again, the group managed to outdistance the S&P 500 (SPX : S&P 500 Index
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Last: 1,530.44+5.04+0.33%

5:00pm 07/06/2007

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SPX1,530.44, +5.04, +0.3%) , which rose 1.8% this week.
The same winds behind the oil index ushered the Philadelphia Oil Service Index ($OSX : Philadelphia Oil Service Sector Index
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Last: 273.80+3.59+1.33%

4:47pm 07/06/2007

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$OSX273.80, +3.59, +1.3%) to a record-high 273.8-point close, up 1.3% for the day and 3.9% for the week. The move marks a full recovery from the previous week's correction.
Crude rallied on a combination of unrest in the oil fields of Nigeria and lagging seasonal output from U.S. refiners. Analysts said technical traders were also propping up the market on strong buy signals sent by crude once it crossed the $70 threshold. See Futures Movers.
Crude for August delivery closed at $72.81 a barrel on the New York Mercantile Exchange, up $1 from Thursday's close and $2.13 from a week ago.
Top gainers in the oil group included U.S.-traded shares of Royal Dutch Shell (RDSA : royal dutch shell plc spons adr a
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Last: 85.18+2.29+2.76%

8:17pm 07/06/2007

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RDSA85.18, +2.29, +2.8%) , up nearly 2.8% to $85.18, an all-time high, and France's Total SA (TOT : total s a sponsored adr
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Last: 84.30+2.25+2.74%

8:19pm 07/06/2007

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TOT84.30, +2.25, +2.7%) , up 2.7% to $84.30.
The gains followed a note from Deutsche Bank's London office upgrading much of the European integrated oil sector. The broker raised its second-quarter earnings estimates on the group by an average 12% to capture an upward revision to its long-term crude-oil price forecast.
Among individual stocks, Deutsche Bank lifted its recommendation on Royal Dutch Shell to buy from hold and raised its target price on BP PLC (BP : bp plc sponsored adr
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Last: 73.50+0.58+0.80%

8:05pm 07/06/2007

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BP73.50, +0.58, +0.8%) to 670p from 580p.
Amid the upgrades and the higher oil price, Dow Jones Industrial Average component Exxon Mobil Corp. (XOM : exxon mobil corp com
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Last: 86.46+1.30+1.53%

8:20pm 07/06/2007

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XOM86.46, +1.30, +1.5%) rose 1.5% to $86.46 a share. Chevron Corp. (CVX : chevron corp new com
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Last: 87.68+1.11+1.28%

8:07pm 07/06/2007

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CVX87.68, +1.11, +1.3%) added 1.3% to $87.68 and ConocoPhillips (COP : conocophillips com
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Last: 81.04+0.32+0.40%

8:07pm 07/06/2007

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COP81.04, +0.32, +0.4%) rose 0.4% to $81.04.
The Amex Natural Gas Index (XNG : amex natural gas index
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Last: 513.20+0.08+0.02%

4:43pm 07/06/2007

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XNG513.20, +0.08, +0.0%) was essentially unchanged Friday, finishing a roller-coaster session at 513.2 points, good for a 1.5% advance for the week.
Gas stocks got off to a strong start, making their session highs in the first minutes of trade. But they fell off sharply on bearish supply data from the Energy Information Administration. The agency reported that U.S. gas inventories rose 78 billion cubic feet for the week ended June 29, lifting overall stocks to 2.52 trillion cubic feet. While that's 84 bcf less than a year ago, it's still 364 bcf more than the five-year average.
Natural-gas futures fell 2% to $6.47 per million British thermal units on the report since traders had been expecting a slightly lower build in supplies.
Banc of America Securities lowered its second-quarter earnings estimates for the exploration and production sector by about 8% on average, due to "wider natural price gas differentials [especially in the Rockies] than what we had previously modeled, along with other adjustments and fine-tuning."
The broker said its revised earnings estimates put it slightly below the Wall Street consensus for the group. It cautioned that other analyst estimates appear overly optimistic for Anadarko Petroleum Corp. (APC : Anadarko Petroleum Corporation
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Last: 52.23-0.17-0.32%

8:04pm 07/06/2007

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APC52.23, -0.17, -0.3%) , Canadian Natural Resources (CNQ : canadian nat res ltd com
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Last: 67.80+0.45+0.67%

8:07pm 07/06/2007

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CNQ67.80, +0.45, +0.7%) , and EnCana Corp. (ECA : encana corp com
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Last: 62.52+0.41+0.66%

8:08pm 07/06/2007

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ECA62.52, +0.41, +0.7%) and a bit too pessimistic for Comstock Resources (CRK : comstock res inc com new
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Last: 29.99-0.23-0.76%

8:07pm 07/06/2007

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CRK29.99, -0.23, -0.8%) , Newfield Exploration (NFX : Newfield Exploration Company
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Last: 47.08+0.37+0.79%

8:14pm 07/06/2007

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NFX47.08, +0.37, +0.8%) and Stone Energy (SGY : Stone Energy Corporation
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Last: 35.44+0.35+1.00%

8:17pm 07/06/2007

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SGY35.44, +0.35, +1.0%) .
Jim Jelter is Industrials Editor for MarketWatch in San Francisco.


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Industry: Oil and Gas Industry: Energy Column: Energy Stocks Topic: Markets/Exchanges Topic: Market News Company: Amex Oil Index (XOI) Company: S&P 500 Index (SPX) Company: Philadelphia Oil Service Sector Index ($OSX) Company: Royal Dutch Shell Plc (RDSA) Company: Total S A (TOT) Company: Bp Plc (BP) Company: Exxon Mobil Corp (XOM) Company: Chevron Corp New (CVX) Company: Amex Natural Gas Index (XNG) Company: Anadarko Petroleum Corporation (APC) Company: Canadian Nat Res Ltd (CNQ) Company: Encana Corp (ECA) Company: Comstock Res Inc (CRK) Company: Newfield Exploration Company (NFX) Company: Stone Energy Corporation (SGY) Company: Conocophillips (COP)
Crude futures climb near $73 to close 3% higher for the week

North American rig count rises 1.6%

Royal Dutch Shell, BP advance on upgrade; FTSE 100 higher

More news related to Oil and Gas

IN THIS STORY
Companies | Indexes
Royal Dutch Shell Plc (RDSA)
Total S A (TOT)
Bp Plc (BP)
Exxon Mobil Corp (XOM)
Chevron Corp New (CVX)
Anadarko Petroleum Corporation (APC)
Canadian Nat Res Ltd (CNQ)
Encana Corp (ECA)
Amex Oil Index (XOI)
S&P 500 Index (SPX)
Philadelphia Oil Service Sector Index ($OSX)
Amex Natural Gas Index (XNG)
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