Referenced Stocks

Sector Update: Energy Shares Gain Following Jobs Data; Crude Oil Rises

By Midnight Trader,  May 06, 2011, 01:47:02 PM EDT

NYMEX Benchmark Crude June: up 9 cents at $99.69

Top Energy Stocks

XOM: +1.7%

CVX: +1.7%

COP: +3.3%

SLB: +2.6%

OXY: +3.3%

Energy shares are higher in mid-day trading as crude oil futures rebound thanks to better-than-expected job data.

The U.S. economy gained 244,000 jobs in April, the biggest increase in almost a year and more than the 175,000 economists' expected.

Light, sweet crude oil for June delivery is off early highs and near even, up 9 cents at $99.69 a barrel. In other energy futures, heating oil is up 1.39% to $2.92 a gallon while natural gas is up 1.31% to at $4.31 per million British thermal units.

In energy ETFs, the United States Oil Fund ( USO ) is up 2.85% to $40.37. The United States Natural Gas ETF ( UNG ) is up 1.73% to $11.18.

In mid-day news, shares of Tesco Corp. ( TESO ) are seeing some support after the petroleum industry services company said late Thursday Q1 net income was $0.13 per share, below the Thomson Reuters mean for $0.16. Sales were $105.6 million, below forecasts for $120 million.

Tesco shares are up 2.3%.




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: TESO, UNG, USO



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