By Steve Gelsi
Energy stocks made more gains Friday, the final trading day of a
robust May, as shares of petroleum producers and refiners tapped
into the highest crude-oil prices seen in six months.
Oil's big rise in the commodities futures pits, along with a
traditional bump up in the energy business ahead of the summer
driving season, helped shares of petroleum and natural-gas
producers ride the rally in the broad market in recent weeks.
Friday proved no exception, as oil broke through the
$66-a-barrel level, even while the broad equities market wavered
following Thursday's solid gains.
Against this backdrop, the Amex Oil Index (XOI) rose 1.3% to
982.
The Philadelphia Oil Service Index (OSXX) gained 1% to 175,
while the Amex Natural Gas Index (XNG) added 0.6% to 437.
Shares of sector leader Exxon Mobil (XOM) climbed 53 cents to
$69.76 as Chevron (CVX) rose $1.02% to $66.83. Both oil majors are
components of the Dow Jones Industrial Average (DJI).
Meanwhile, average U.S. retail gasoline prices rose to $2.47 a
gallon at the end of May, up from $2.05 a month ago - good enough
for a quick jump of 20% in the past 30 days.
With one trading day left in May, the Amex Oil Index has climbed
to 970, up from 876 on April 30, for a gain of 10.7%.
The Amex Natural Gas Index now sits at 434, up from 387 on April
30, for a gain of 12%.
And the Philadelphia Oil Service Index (OSXX) closed out trading
on Thursday at 173, up fully 14.6% from April 30.
Among other energy stocks in the spotlight, First Solar (FSLR)
rose 3.8% to $11.16. The largest U.S.-based maker of panels for
solar energy was mentioned in a Goldman Sachs note this week as one
of five potential contenders to replace General Motors (GM) in the
S&P 500.
-Steve Gelsi; 415-439-6400; AskNewswires@dowjones.com
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