By Steve Gelsi, MarketWatch
NEW YORK (MarketWatch) ? Oil-service firms Lufkin Industries, Cameron International and Nabors Industries led a reversal in energy stocks on Friday as the sector moved up on strength in crude oil prices.
Oil futures /quotes/zigman/2203141 CLK2 +1.33% ?tacked on 1.6% to $107.02 a barrel after a report that said Iranian oil exports have fallen by about 300,000 barrels per day, or 14%, according to Reuters. See Futures Movers for more on oil prices.
Impact of U.S. Oil Reserves on Market Prices
The U.S. has proposed that it release its special oil reserves to help lower the price of oil. Dow Jones's Jenny Gross discusses what impact this might have on oil markets. Photo: Getty Images
By the closing bell, energy stocks in the S&P 500 /quotes/zigman/3870025 SPX +0.31% ?rose 1.3%, on average, after moving lower earlier in the session.
Nabors Industries /quotes/zigman/306432/quotes/nls/nbr NBR +4.05% ?moved up 4.1%, Lufkin Industries /quotes/zigman/74953/quotes/nls/lufk LUFK +2.60% ?rose 2.6% and Cameron International /quotes/zigman/417806/quotes/nls/cam CAM +2.84% ?added 2.8%. Newfield Exploration /quotes/zigman/133327/quotes/nls/nfx NFX +3.62% ?rose 3.6%, Cabot Oil & Gas /quotes/zigman/221094/quotes/nls/cog COG +3.17% advanced 3.2% and Consol Energy /quotes/zigman/190880/quotes/nls/cnx CNX +2.49% ?added 2.5%.
Checking the broad indexes in the energy sector, the Philadelphia Oil Service Index /quotes/zigman/1470028 OSX +1.63% ?rose 1.6%, while the NYSE Arca Natural Gas Index /quotes/zigman/6015474 XX:XNG +1.01% ?and the NYSE Arca Oil Index /quotes/zigman/6015539 XX:XOI +0.91% ?both tacked on about 1%.
On the deal front, Canadian firm Pengrowth Energy Corp. /quotes/zigman/3476447/quotes/nls/pgh PGH -1.51% ? /quotes/zigman/3542256 CA:PGF -1.71% ?said it?ll pay about C$8.56 a share in stock to buy NAL Energy Corp. /quotes/zigman/3504184 CA:NAE +5.90% ?in a deal valued at C$1.9 billion, including debt.
NAL shareholders will receive 0.86 of a Pengrowth Energy share for each share on NAL and will own 26% of the combined company after the deal closes.
The price values NAL at a premium of about 10% over its closing price of C$7.80 a share on Thursday.
?The addition of the NAL assets will enhance our cash flow base and further augment our robust light oil drilling inventory,? Pengrowth Chief Executive Officer Derek Evans said in a prepared statement.
Shares of NAL jumped 6% in trading on the Toronto Stock Exchange.
Energy stocks end lower for the week
With a close of 1,284 on Friday, the NYSE Arca Oil Index ended the week well below its ending point of 1,324 seven days ago.
The NYSE Arca Natural Gas Index ended Friday at 661, below its week-ago close of 680.
The Philadelphia Oil Service Index closed Friday at 242, compared to its ending point of 254.
/quotes/zigman/2203141
Volume: 245,077
March 23, 2012 5:14p
/quotes/zigman/3870025 Volume: 570.17M
March 23, 2012 4:32p
/quotes/zigman/306432/quotes/nls/nbr Volume: 8.38M
March 23, 2012 4:00p
/quotes/zigman/74953/quotes/nls/lufk Volume: 498,476
March 23, 2012 4:00p
/quotes/zigman/417806/quotes/nls/cam Volume: 3.30M
March 23, 2012 4:01p
/quotes/zigman/133327/quotes/nls/nfx Volume: 2.15M
March 23, 2012 4:00p
/quotes/zigman/221094/quotes/nls/cog Volume: 5.53M
March 23, 2012 4:02p
/quotes/zigman/190880/quotes/nls/cnx Volume: 5.00M
March 23, 2012 4:01p
/quotes/zigman/1470028 Volume: 0.00
March 23, 2012 5:30p
/quotes/zigman/6015474 Volume: 0.00
March 23, 2012 8:09p
/quotes/zigman/6015539 Volume: 0.00
March 23, 2012 8:09p
/quotes/zigman/3476447/quotes/nls/pgh Volume: 1.59M
March 23, 2012 4:00p
/quotes/zigman/3542256 Volume: 2.99M
March 23, 2012 5:40p
/quotes/zigman/3504184 Volume: 7.33M
March 23, 2012 5:40p
Steve Gelsi is a reporter for MarketWatch in New York.
Source: http://www.marketwatch.com/news/story.asp?guid=%7B6DD1CC76-74EE-11E1-AD3B-002128049AD6%7D&siteid=
lumpectomy robin williams blaine gabbert netflix stock home affordable refinance program harp harp
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.