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Thomson Reuters: August 7 Energy Commentary

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August 7, 2012

TUESDAY, AUGUST 07, 2012

SECTOR COMMENTARY

Energy stocks led the broader markets higher for a third straight day of gains in a rally underpinned by strength in commodities and weakness in the U.S. dollar as investors became risk-tolerant.  Meanwhile, defensive sectors such as utilities and telecommunications lagged.   

E&Ps outperformed after a handful of companies reported results that missed estimates but provided positive guidance.  Chesapeake Energy rallied nearly 10% after its production surprised to the upside and its 2013 guidance was raised for production and cut for capital spending.  The ...


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