Energy Sector Soaring High Today, Momentum Led By BP, CHK

Energy stocks posted gains on the Wall Street today, erasing some of their huge losses of Friday. BP PLC

and Chesapeake Energy Corp

led the sector’s momentum. The NYSE Arca Oil Index (XOI) climbed 1.4% to 928, the NYSE Arca Natural Gas Index (XNG) jumped 1.6% to 514 and the Philadelphia Oil Service Index (OSX) gained 1.3% to 167. Some aid was provided by crude oil futures too, as the front-running crude contract climbed $0.27 to $71.78. Some of the sector’s top gainers include Anadarko Petroleum

, which was up 1.75%, Questar

, which rose 2.59%, and Nabors Industries

, which rallied 3.61%, by 2:03 pm. Shares of BP gained 0.11% as the company announced that it is capturing 15,000 barrels of oil daily from its leaking oil well in the Gulf of Mexico with the help of its containment cap. It seemed as if investors mostly neglected GS’ move to cut BP from “buy” to “neutral.” Shares of Chesapeake Energy Corp

soared 1.49% to $24.44 by 2:11 pm today. Domestic natural gas producers emerged from the news last Friday of a land-based well blowout by EOG Resources

in Pennsylvania. EOG climbed 1.36% to $104.37. Read more