Analysts from the Royal Bank of Scottland upgraded BP (NYSE:BP) from hold to buy. They said the reasoning for this was that they've dismissed the negative rumors of what the probable cost of the massive Gulf oil leak could be. After a three day weekend, oil and gas stocks saw an incline seeing sector wide gains of 2.5 percent or higher.
BP lead percentage gainers by 6.5 percent to $31.25 a share. Halliburton was up 3.6 percent at $26.65. Before the bell, Nasdaq 100 index futures rose 26.59 or 1.5 percent to 1,747.75. Dow Jones industrial average futures went up 102 or 1.1 percent to 9,628. Standard & Poors 500 index futures rose 12.00 or 1.2 percent 1.026.30.
Early on, the New York Stock Exchange Arca Oil Index was up 2.5 percent to 901.11 points. Leading was the Spanish oil company Repsol up 4.2 percent to $21.05. The Philadelphia Oil Service Sector Index also saw an increase of 3 percent to 170.4 points.
While the NYSE Arcca Natural Gas Index was ahead 2.6 percent to 492.25 points and had all 15 of its components trading higher. In morning trading National Fuel Gas Co., EOG Resources, and Ultra Petroleum Corporation were the front runners at 3.5 percent or higher.
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