Energy stocks rise after slow start in U.S.markets
Energy stocks rose on Tuesday as the broad equities market traded higher and refiners awaited any possible impact of flooding along the Mississippi River.
The broad equities market provided a lift to energy stocks, with the Dow Jones Industrial Average DJIA+0.60% moving up by 76 points by the end of the day.
Among energy sector benchmarks, the NYSE Arca Oil Index XOI+0.65% rose 0.7% to 1,338, while the NYSE Arca Natural Gas Index XNG+0.88% advanced 0.9% to 685 and the Philadelphia Oil Service Index OSX+0.98% jumped 1% to 270.
“This could affect our ability to load barges and ships at some of the docks at our Geismar, La., and Norco, La., facilities,” the company said. “We are coordinating efforts to limit the effects this may have on supplying our customers and will be moving as many products by rail and truck as our logistics assets and the railroad’s schedules allow.”
Valero Energy Corp. spokesman Bill Day said its refineries in Memphis and St. Charles, La., remain in operations and “do not expect any interruption to production.”
Exxon Mobil spokesman Kevin Allexon said refineries in Baton Rouge, La., and Chalmette, La., continue to operate but added that the oil major is “very closely monitoring the water level.”
“Our 50,000-mile system of natural gas, natural gas liquids (NGL), refined products, crude oil and petrochemical pipelines continues to operate at record or near record volumes,” said Enterprise Chief Executive Michael Creel. “We are continuing to benefit from production growth in the shale regions as well as increased demand for NGLs by the U.S. petrochemical industry and international markets.”