NEW YORK (MarketWatch) – Energy stocks moved up to their highest levels in months on Wednesday on bullish signs in the latest petroleum inventory data, while earnings from XTO Energy and Devon provided a lift.
Crude-oil futures also buoyed energy stocks, with crude prices breaking through the $55 a barrel level after government data showed U.S. crude inventories rose less than expected last week. See Futures Movers.
The Amex Oil Index (XOI) jumped 2% to 941, a level not seen since February. Sector leaders Exxon Mobil (XOM) and Chevron (CVX) rose 0.2% and 2% respectively. Both oil majors are components of the 30-stock Dow Jones Industrial Average ($DJ), which rose 10 points.
The Amex Natural Gas Index (XNG) rose 3.3% to 428.
The Philadelphia Oil Service Index ($OSX) rose 3.2% to 169.
Among stocks in the spotlight, Transocean (RIG) rose 2.5% to $74.81 after its earnings update. See full story.
XTO Energy (XTO) jumped 10% to $41.82 on its increased earnings in the first quarter. See full story.
Devon Energy (DVN) rose 9.3% to $59.54 after its quarterly update. The natural gas producer said it lost $4 billion on a large non-cash charge, but its adjusted net income beat targets