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Thomson Reuters: Jan. 29 Energy Commentary

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January 29, 2013

SECTOR COMMENTARYEnergy stocks helped to push the broader markets higher, led by shares of Valero Energy and Hess Corp, which surged by more than 12% and nearly 9% respectively, all on soaring volume.Valero, the largest independent U.S. refiner, reported that fourth quarter profit greatly exceeded estimates, rising to $1.0 billion from $45 million one year earlier as its plants processed cheaper domestic crude oil.  Meanwhile, shares of Hess Corp rallied after activist investor Elliott Management, which owns a 4% stake, said it plans to nominate five executives to the company’s ...


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