Tuesday, May 10, 2011

Baker Hughes (BHI) (CXPO) (ECA) (STR) (RDS-A) Trade Mixed as Oil Prices Rebound

Most oil and related companies performed strong Monday, as Baker Hughes Incorporated (NYSE:BHI), Crimson Exploration (NASDAQ:CXPO), Encana Corp. (NYSE:ECA), Questar Corporation (NYSE:STR) and Shell (NYSE:RDS-A) traded mixed as the price of oil rebounded.

Gastar was the only one of the list above to close down Monday.

Crude oil for June delivery climbed $5.37 to settle at $102.55 a barrel on the New York Mercantile Exchange, the largest one-day boost since February 22.

Brent crude for June settlement jumped $6.77, or 6.2 percent, to $115.90 a barrel on the London-based ICE Futures Europe exchange.

Wholesale gasoline prices soared 5 percent on Monday to $3.20 a gallon on fears that refineries in Mississippi may have to shut down because of the Mississippi River flooding.

The average U.S. price of a gallon of regular gasoline Monday fell by a penny to $3.96, according to AAA.

Immediate delivery futures of Texas crude oil rose $5.53 to $102.71 a barrel. Natural gas was up 0.06 cents to $4.17 per mbtu, while gasoline prices fell 20.17 cents to 329.18 cents a gallon.

Encana Corp. (ECA) closed Monday at $32.65, climbing $0.24, or 0.74 percent.

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