MW: Oil-equities benchmark touches new high for 2009
Energy stocks on the rise to finish out positive week
By Steve Gelsi, MarketWatch
NEW YORK (MarketWatch) -- Energy stocks moved higher Friday as crude-oil futures rose in the face of a weaker dollar, as companies in the oil, natural-gas and energy-services sectors looked to finish out a week of gains on a positive note.
The NYSE Arca Oil Index (XOI 1,029, +4.56, +0.45%) rose 0.6% to 1,030, touching a new high for 2008. The gauge hit 1,020 in June and stood at 1,027 in January.
Shares of components Valero Energy Corp. (VLO 19.09, +0.34, +1.80%) and Sunoco (SUN 27.48, +0.49, +1.82%) both rose about 2%.
The NYSE Arca Natural Gas Index (XNG 486.31, +8.19, +1.71%) added 1.5% to 485. Component Chesapeake Energy Corp. (CHK 26.85, +1.60, +6.34%) rose 7%.
The Philadelphia Oil Service Index (OSX 186.84, +2.87, +1.56%) gained 1.7% to 187. Shares of Component Exterran Holdings (EXH 22.29, +1.82, +8.89%) rallied 6%.
Among energy stocks in the spotlight, French oil giant Total SA (TOT 61.08, +0.07, +0.12%) rose 14 cents to $61.15.
CEO Christophe de Margerie defended his company's role in Burma, also known as Myanmar, in an interview in a French newspaper following a report by EarthRights International.
Separately, he warned that world oil demand could outstrip supply as early as 2014 and that energy producers must continue to invest to meet demand. oil prices could once again climb to $145 a barrel, the CEO said, though he didn't mention a specific date.
