Top Energy Stocks
XOM +0.25%
CVX +0.33%
COP +0.07%
SLB -0.03%
OXY +0.47%
Energy stocks were moderately higher, with the NYSE Energy Sector Index rising slightly more than 0.4% while shares of energy companies in the S&P 500 were up almost 0.8% as a group. Crude oil for January delivery was rising 25 cents to $57.29 per barrel while January natural gas futures were extending their prolonged skid, falling another 8 cents to $2.60 per 1 million BTU. The Philadephia Oil-Service Sector Index index ( OSX ) was posting a 1.0% gain this afternoon.
In industry news:
The ongoing rebound for oil and natural gas extraction since hurricane Nate swept by central America and through the Gulf of Mexico before making landfall on Oct. 8 in Louisiana helped fuel a 0.2% rise in industrial production during November, the third straight month of sequential gains. Factory activity and mining also showed additional signs of strength last month, climbing 0.2% and 2.0%, respectively, the Federal Reserve said. Capacity utilization rose to a 30-month high of 77.1%.
Also, the number of oil drillrigs in operation in the United States declined over the past seven days, slipping by four to 747 rigs and falling for the first time in six weeks, according a weekly survey by energy-services firm Baker Hughes ( BHGE ). Three additional natural gas drillrigs came online last week, reaching 183, while the U.S. total slipped by one to rose three last week to a total of 183 while the overall number of U.S. rigs in use slipped by one to 930.
Among energy stocks moving on news today:
- Noble Energy ( NBL ) was edging lower Friday after analysts at JPMorgan ( JPM ) reduced their investment recommendation for the oil and natural gas producer to Neutral from Overweight.
In other sector news:
Nabors Industries ( NBR ) Friday completed its acquisition of Tesco Corp (TESO), swapping 0.68 of its share for each Tesco share. The all-stock transaction valued Tesco at $4.62 a share, which ceased to trade Friday.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
