Energy stocks fell back on Thursday, after big gains in the previous session, as crude-oil prices cooled off, while a bullish U.S. energy inventory report provided some positive sentiment in the sector.
Crude-oil prices pared gains to trade below $100 U.S. a barrel.
A smaller-than-expected increase in weekly oil-supply figures provided a bright spot in the energy sector, with U.S. inventories up 800,000 barrels in the latest week, below the forecast for a rise of 1.4 million barrels in a survey of analysts by Platts. Gasoline supplies fell by 2.8 million barrels, compared to the forecast for a rise of 950,000.
Collecitively, energy stock components of the S&P 500 fell 0.2%, the second-worst performing sector out of 10 tracked by FactSet Research.
Refiners pulled energy stocks lower, as loftier oil prices presented higher costs for feedstock for gasoline, jet fuel and diesel oil.
