NEW YORK (MarketWatch) - Energy stocks gain Friday, as a rise in natural gas futures fueled a push into the green.
The NYSE Arca Oil Index (XOI 1,050, -2.91, -0.28%) rose 0.5% to 1,068. The NYSE Arca Natural Gas Index (XNG 505.26, -4.39, -0.86%) rose 0.6% to 512. The Philadelphia Oil Service Index (OSX 193.48, -0.82, -0.42%) rose 0.6% to 195.
The Dow Jones Industrial Average (INDU 9,814, +30.16, +0.31%) set the tone by rising 53 points.
Natural gas futures rose 3% to trade near $3.58 per thousand British thermal units.
Energy stocks caught strong volume from the broad market, with Friday bringing quadruple witching of expirations by equity futures and options contracts.
Among big movers in the energy sector, Baker Hughes (BHI 41.71, +0.93, +2.28%) rose 2.4% to $41.76. Devon Energy (DVN 70.78, -0.37, -0.52%) rose about 1%. Chevron (CVX 73.25, +1.28, +1.78%) jumped 1.5%.
Natural gas shares have led the rally in energy stocks in recent days, playing off the perception that the natural gas business is returning to balance after big drilling cutbacks by producers. See Commodities Corner.
As of Thursday's close, the NYSE Arca Oil Index (XOI 1,050, -2.91, -0.28%) broke through the 1,050 level after ending at 1,021 last Friday.
The NYSE Arca Natural Gas Index (XNG 505.26, -4.39, -0.86%) ended at 509 on Thursday, up handily from 482 at the end of last week.
The Philadelphia Oil Service Index (OSX 193.48, -0.82, -0.42%) ended Thursday at 194, up handily from its close of 194 last Friday.
Crude oil futures Friday stayed firmly above $72 a barrel for a third day after brief dips below the level as traders took profits ahead of a three-day holiday in Japan. See Futures Movers.
