Exxon weighs on Dow as energy stocks retreat
NEW YORK (MarketWatch) -- Energy stocks fell into the red on Monday, as
The downward moves came despite gains in some energy producers after bullish comments from Goldman Sachs and a deal by
Exxon Mobil Corp. (XOM) dropped 1.4% and
Leading the way into the red for energy stocks in the S&P 500, coal producers
Checking the main benchmarks in the energy sector, the NYSE Arca Oil Index (XOI) fell 0.5% and the NYSE Arca Natural Gas Index (XNG) ended about flat. The Philadelphia Oil Service Index (OSX) rose 0.4%, boosted by a gain of 2.3% by
Among stocks in the spotlight,
"We are preparing to start the shutdown process," Pedersen said. "The conflict has not been resolved." Statoil and the Norwegian Oil Industry Association held talks over the weekend about their contract dispute but so far no agreement has been reached.
Among analyst actions, Goldman Sachs upgraded
Analysts reiterated their attractive rating on U.S. oil and gas producers and stuck to their conviction list buy ratings for
"We see higher gas prices in 2013-2018; we still see efficiency gains and exploration potential in North American shale and global deepwater; and we see continued asset and corporate merger and acquisition potential," analysts said.
Shares of Cabot rose 1.9% as one of the top gainers in the S&P 500.
NiSource Inc. (NI) and private oil and gas company Hilcorp Energy Co. said Monday they're launching a "major" venture in the Utica shale of Pennsylvania and Ohio, beginning with a first-phase investment of $300 million later this year.
The companies will team up on a new gathering pipeline and natural gas liquids processing operation, as well as developing hydrocarbon potential in the Utica/Point Pleasant shale formation in northeastern Ohio and western Pennsylvania.
Shares of NiSource fell 1.3%.