Energy Stocks Leading Market Rise; Marathon, Other Oil Majors Keep Gains Despite Oil Easing From Earlier Highs

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Top Energy Stocks

XOM +1.99%

CVX +2.63%

COP +1.82%

SLB +2.59%

OXY +1.12%

Energy stocks are higher. Crude oil for October delivery is up 77 cents at $109.78 per barrel. September natural gas is off 3 cents at $3.51 per 1 million BTU.

In company news, Marathon Oil Corp ( MRO ) is up 3.7% at $34,62 a share, pacing sector gains after crude oil futures earlier rose to a two-year high at $112.24 per barrel and were close to pulling within range of 2011's high-water mark of $113.93 per barrel.

Growing consensus the U.S. and other Western power will respond with a limited military action against Syria following that country's alleged use of chemical weapons against civilians nonetheless is fueling uncertainty through the rest of region, pushing up the price of oil.

On the world stage, UK leaders are expected later today to introduce a draft resolution on Syria to the UN Security Council while the U.S. is expected to release proof of chemical weapons use in Syria by tomorrow.

Also pushing up oil prices is the recent decline in Libyan production.

Among other other oil majors, Exxon Mobil ( XOM ) is up 2% at $88.57 a share while Chevron Corp ( CVX ) is ahead 2.6% at $121.89 a share.

In other company news.

(-) FRO, (-10.8%) Adjusted Q2 net loss dropped to $1.54 per share, trailing analyst expectations looking for a $0.50 per share loss. Revenue declined 33% to $121.2 mln, topping the $47.6 mln Capital IQ consensus.

(+) PNG, (+8.5%) Receives $80.5-mln buyout proposal from Plains All American Pipeline ( PAA ), which is seeking to purchase the 54% of PNG equity units it already doesn't own by offering 0.435 of its units for each PNG unit. PAA is down 0.7% at $51.09 a share.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: CVX , MRO , PAA , XOM

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