Sector Update: Energy
Energy stocks were still adding to their earlier gains with the NYSE Energy Sector Index rising 0.9% in late trade while shares of energy companies in the S&P 500 also were up 0.9 % as a group. Crude oil for June delivery settled $1.74 higher at $104.07 per barrel while June natural gas fell 8 3 cents to finish at $4.47 per 1 million BTU.
In company news, BP Plc ( BP ) shares climbed to a new 52-week high Wednesday after saying said it will ask the U.S. Supreme Court to review a recent appeals court ruling allowing some business to collect damages from the company with first needing to prove the 2010 Gulf of Mexico oil spill caused their losses.
The 5th U.S. Circuit Court of Appeals on Monday declined to change a March ruling from a three-judge panel over how to compensate businesses.
"No company would agree to pay for losses that it did not cause and BP certainly did not when it entered into this settlement," the company said in prepared remarks, adding it will ask the 5th Circuit to suspend the economic-loss payments during its appeal.
BP shares were up 1.2% at $51.54 each shortly before the closing bell, just 2 cents off its new 52-week high. The stock has risen about 24% over the past year.
In other sector news,
(+) END, Talisman Group withdraws its director candidate and will support a management nominee previously proposed by the private investment firm. Also, says East and West Rochelle wells now flowing together. END owns 44% stake in both wells.
(-) MEIL, Prices underwritten public offering of 2.5 mln shares of its common stock at $2.00 apiece - a nearly 30% discount to Tuesday's closing price. Proceeds will be used for improvements at the company's Sombra bio-diesel plant.