Energy Stocks Rebound

Energy stocks were jumping out to big gains on Wednesday, with the NYSE Energy Sector Index rising over 1.2% while shares of energy companies in the S&P 500 were up 1.5% as a group. Crude oil for June delivery was up $1.74 at $47.62 per barrel while June natural gas futures were 8 cents higher at $3.31 per 1 million BTU.

In company news, American depository shares of Petrobras Brasileiro (PBR) rose Wednesday, climbing just over 5% to top out today at $9.83 per ADS, despite last night throwing water on market speculation the Brazilian energy major was talking with Exxon Mobil (XOM) about a potential strategic alliance.

Petrobras last night issued a statement there were no negotiations in progress at this time with Exxon Mobil although the company also acknowledged it(XOM) (PBR) : Petrobras reinforces, however, that it is in constant contact with other oil and gas outfits to “assess opportunities and share experiences.”

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