Energy Sector Up Today, BP Down On Concerns Over Spill

Shares of BP PLC

plummeted on Wall Street today, as the stock failed to gain from the broader energy sector rally. The oil major, in its tryst with the ongoing Gulf oil spill, is struggling with increasing regulatory concerns. The NYSE Arca Oil Index (XOI) and the NYSE Arca Natural Gas Index (XNG) climbed 0.6% each, to 950 and 532, respectively. The Philadelphia Oil Service Index (OSX) jumped 0.3% to 175. By 11:02 am, shares of BP dipped 7.86% to $31.3. Key meetings and hearings will take place between company executives and politicians in Washington this week. A face-to-face session between President Barack Obama and Chairman Carl-Henric Svanberg will also be held. The company may be forced to set up a dedicated fund amounting to millions of dollars to help Deepwater Horizon spill victims. So far, BP has spent approximately $1.6 billion as a result of the spill. Other oil stocks that made waves are Suncor Energy

and Chevron

. Shares of SU rose 2.66% to $33.58 by 11:20 am on news of Dana Petroleum, an oil and gas exploration and production firm, buying SU’s Petro Canada Netherlands, which is an upstream company operating in the Dutch sector of the North Sea. Meanwhile, CVX rose 1.6% after its CEO James Watson commented that the industry is looking forward to a lifting of the drilling ban. Read more