A brief roundup of Tuesday movement in the energy sector, with a look at crude oil and natural gas futures and oil stocks:
Crude oil prices reached a new high above $82 on Tuesday on the New York Mercantile exchange as the Federal Reserve cut interest rates and expectations that crude oil supplies will continue to fall. Crude oil closed at a record high of $81.51. Futures were up as high as $82.38 in electronic trading.
Natural gas prices fell on the New York Mercantile Exchange on speculation that supplies may reach a new record. The U.S. department of energy is set to announce that stockpiles will grow more than 3 trillion cubic feet to 65 billion cubic feed, according to a Bloomberg poll of analysts. Gas for October delivery fell to settle at $6.568, down 8.5 cents or 1.3 percent. per BTU
Major Oil companies rose on the Fed rate cut as well.
BP Plc (NYSE: BP) American Depositary Receipts rose $1.63, or 2.39 percent to $69.95.
Chevron Corp. (NYSE:CVX) shares shot up $2.41 or 2.65 percent to $93.34.
ConocoPhillips (NYSE: COP) was up $3.06, or 3.61 percent to $87.79.
Exxon Mobil Corp (NYSE: XOM) shares rose $2.50, or 2.80 percent, to $91.76.
Royal Dutch Shell Plc (NYSE: RDS.A) ADRs jumped $1.94, or 2.40 percent, to $82.81.