Schlumberger (NYSE:SLB), Petrohawk Energy Corp. (NYSE:HK), Brigham Exploration (NASDAQ:BEXP), Baker Hughes Incorporated (NYSE:BHI) and Valero Energy (NYSE:VLO) ended the session up Thursday, going against the tide of oil futures dropping after rising over $101 a barrel on Wednesday.
The economy of Barack Obama continues to fall apart as first-time unemployment claims soared by another 10,000, exploding past the projected decline of 4,000 economists had been loking for. That's a seasonally adjusted 424,000 for the week ended May 21.
The U.S. economy growth rate was also below expectations, increasing at a very anemic 1.8 percent rate in the first quarter, plunging from the 3.1 percent growth rate in the fourth quarter, and missing the 2.2 percent growth rate economists had estimated.
The U.S. Labor Department also upwardly revised initial unemployment claims from the last report they issued.
This all had an impact on oil prices, as oil futures ended lower on the day. Light, sweet crude for July delivery settled down $1.09, or 1.1 percent, to $100.23 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled up 12 cents, or 0.1 percent, to $115.05 a barrel.
Front-month June reformulated gasoline blendstock, settled up 3.21 cents, or 1.1 percent, to $3.0483 a gallon. June heating oil was up 0.26 cent, or 0.1 percent, to $2.9829 a gallon.
With the Memorial Day weekend coming in the U.S., which usually involves significant travel and gasoline used in vehicles, it probably went against the slightly lower price of oil and gas heading into the summer season.
Valero Energy closed Thursday at $26.42, gaining $0.16, or 0.61 percent. Baker Hughes Incorporated ended the day at $74.50, jumping $0.72, or 0.98 percent. Brigham Exploration closed at $30.77, climbing $0.40, or 1.32 percent. Petrohawk Energy Corp. ended the session at $25.76, up $0.16, or 0.62 percent. Schlumberger closed the day at $85.19, rising $1.10, or 1.31 percent.
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