Natural Gas Prices Jump - TheStreet

Natural Gas Prices Jump

Oil pulls back slightly.
Author:
Publish date:

Oil futures eased Monday in New York, but still remained within striking distance of their all-time high, while natural gas prices surged ahead.

September light sweet crude was down 20 cents at $76.82 a barrel. Reformulated gasoline slipped 2 cents to $2.09 a gallon, and heating oil was unchanged at $2.07 a gallon.

Meanwhile, natural gas jumped 29 cents to $6.50 per million British thermal units.

As for stocks, energy names were mostly higher. The

CBOE Oil Index

was up 0.6% at 751.72.

ConocoPhillips

(COP) - Get Report

advanced 0.8% at $80.45, and

Chevron

(CVX) - Get Report

climbed 0.5% to $85.61.

The Norwegian state-run oil conglomerate

Statoil

(STO)

announced that its net income increased 11% in the second quarter from the same period a year ago, citing lower taxes and higher sales of natural gas. Shares of Statoil rose 1.5% to $29.10 on the news.

AG Edwards upgraded shares of

Exxon Mobil

(XOM) - Get Report

and

Kinder Morgan Partners

(KMP)

to buy from hold. Shares of Exxon were unchanged, while Kinder Morgan fell 0.5% to $52.76.

Southern

(SO) - Get Report

was upgraded by Bank of America Securities to buy from neutral, lifting the stock 0.3% to $33.90. The firm also upgraded

Evergreen Solar

(ESLR)

to neutral from sell, sending its shares up 3.9% to $8.49.

Petro-Canada

(PCZ)

was upgraded by Lehman to equal weight from underweight. The company's stock climbed 1.8% to $53.88.