Referenced Stocks

Sector Update: Energy

By Midnight Trader,  May 01, 2012, 01:26:30 PM EDT

Energy stocks are broadly higher, supported by big gains in crude oil prices that followed unexpectedly strong manufacturing growth in the United States during April. The NYSE Energy Sector index is up 1.41% this afternoon while the S&P Energy Index is now ahead 1.94%. Crude oil for June delivery is up $1.33 to $106.20 a barrel.

Sector gains also are supported by several oil and gas firms reporting steady gains in their latest financial results. Suncor Energy (SU,SU.TO) is up about 1%after its Q1 earnings came in ahead of expectations. But Talisman Energy (TLM,TLM.TO) shares are down over 2% despite reversing a year-ago net loss and generating $851 million in operating cash flow, up 5% from the same three months in 2011.

Also, BP plc ( BP ) today said it is "very comfortable" with its position in Argentina, brushing aside the country's recent nationalization of Repsol SA's stake in YPF SA ( YPF ). "We have a long track-record of investing in Argentina and historically we have aligned ourself with Argentina's long-term interests," BP Chief Financial Officer Brian Gilvary told analysts today, adding its Argentina-based subsidiary still plans to drill five new wells in that country this year.




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.


This article appears in: Investing, Commodities

Referenced Stocks: BP, YPF



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