The International Energy Agency Wednesday slightly lifted its estimate for oil demand for 2013, but stated that the tepid rate of worldwide economic expansion would keep demand comparatively lethargic.
In its monthly market report, the Paris-headquartered agency, which represents main energy-consuming nations, raised its prediction for global oil demand in 2013 by 110,000 barrels per day to 90.5 million barrels per day.
The IEA stated emerging markets continue to direct growth, five of the top-10 oil consuming nations currently are non-OECD countries. [article_detail_ad_1]
Murphy Oil Corporation (NYSE:MUR) was along with the top gainers of the day, higher1.1%. Murphy stated Monday it has reached a share-repurchase agreement with J.P. Morgan Chase & Co.
(NYSE:JPM) to repurchase $250 million of the oil-and-gas firm’s common stock.
The deal is part of Murphy’s authorized program to repurchase up to $1 billion of its shares and is likely to be completed within five months.
In October, Murphy’s board authorized plans to spin off the firm’s US fuel-making and distribution business into a latest company, Murphy Oil USA Inc., as Murphy aims to spotlight more strongly on oil and gas mining in the US, Canada and Malaysia.
Among the day’s worst performers, Peabody Energy Corporation (NYSE:BTU) shares dropped 0.7%. Marathon Petroleum Corp (NYSE:MPC) and refiner Phillips 66 (NYSE:PSX) slipped 1% each.
Spectra Energy Corp. (NYSE:SE) stock dropped 0.3%. The pipeline operator announced Tuesday it decided to acquire the Express-Platte pipeline system, a 1,700-mile pipeline that runs from Canada to Illinois, for $1.25 billion in cash.
Spectra is purchasing the pipeline from Kinder Morgan Energy Partners LP (NYSE:KMP), the Ontario Teachers’ Pension Plan, and Borealis Infrastructure, the infrastructure investment arm of the OMERS pension plan. Shares of Kinder Morgan Energy Partners declined 2.4%.