MW: Energy stocks rise as oil tops $82-a-barrel mark
By Steve Gelsi, MarketWatch
NEW YORK (MarketWatch) -- Energy stocks traded higher Monday as higher crude prices and a $3 billion merger bid for Arrow Energy of Australia helped keep the previous session's positive momentum going.
In energy trading, crude-oil futures rose 66 cents to stand at $82.16 a barrel, providing a foundation for gains in the sector stocks.
Shortly after the Wall Street open, the NYSE Arca Oil Index (XOI 1,066, +1.23, +0.12%) rose 0.3% to 1,068. The NYSE Arca Natural Gas Index (XNG 550.77, -1.34, -0.24%) rose 0.2% to 553.
Outpacing the other benchmarks, the Philadelphia Oil Service Index (OSX 212.52, +1.53, +0.73%) rose 0.8% to 213.
Among energy stock in the spotlight, U.S.-listed shares of Royal Dutch Shell (RDS.A 57.25, +0.19, +0.33%) rose 0.5% to $57.35 as PetroChina (PTR 118.73, +1.68, +1.44%) advanced 1.6% to $118.98.
A company jointly owned by the two bid $3.3 billion for Australia's Arrow Energy Ltd., a producer of coal seam gas for the Asian and Australian markets. Arrow (AU:AOE 5.11, +1.63, +46.84%) said it drew a nonbinding merger proposal, sending its shares skyrocketing in Sydney trading.
