Cabot Oil and Gas Corp. (NYSE:COG) was the top performer in the S&P 500 Wednesday, closing up over 7 percent on reports of strong natural gas production at its Marcellus shale projects.
The company said it generated over 400 million cubic feet per day of natural gas production from the fields after it upgraded a compressor station. Before that production came in at 310 million cubic feet a day.
Also helping the company, as well as most of the energy sector, was the boost in oil prices, as light sweet crude oil for July delivery climbed $1.73 to settle at $101.32 a barrel and July Brent crude was up $2.40 to settle at $114.93.
The U.S. Department of Energy also released a report saying U.S. commercial crude inventories rose 600,000 barrels in the week ended May 20, significantly beating the 1.3 million barrel fall in crude stocks projected.
Cabot closed Wednesday at $57.25, gaining $3.78, or 7.07 percent.
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