Market Overview

Energy Sector Higher Today, Strength Seen In BP

Energy Sector Higher Today, Strength Seen In BP

Energy stocks are treading in the positive waters today, as executives of Big Oil met the Obama administration to plead for the resumption of deep water drilling in the Gulf of Mexico.

In their meeting with President Barack Obama, executives of Exxon Mobil (NYSE: XOM), Chevron (NYSE: CGX), Royal Dutch Shell (NYSE: RDS.A) and ConocoPhillips (NYSE: COP) shielded their safety measures in deep water drilling projects and blamed BP PLC (NYSE: BP) for the Deepwater Horizon spill. The executives stressed on the necessity to drill oil in the US waters.

By 1:40 pm, the Dow Jones Industrial Average climbed 146.16 points, or 1.43%, to 10337.5. The broad market rally rendered additional support to the energy sector.

The NYSE Arca Oil Index (XOI) jumped 1.3% to 953. The NYSE Arca Natural Gas Index (XNG) advanced 1.5% to 537 and the Philadelphia Oil Service Index (OSX) appreciated 1.7% to 175.

Shares of BP surged 2.9% to $31.56 by 1:49 pm. Patriot Coal Corp (NYSE: PCX) shares plunged 3.14% to $16.35. A roof collapsed at PCX’s Harris mine. No casualty occurred; however, the company said that the accident would impact its Q2 earnings.

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Posted-In: Barack Obama Energy SectorNews Intraday Update Markets Movers

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