Oil spill report: Energy companies rally

This may be merely coincidence, but it seems unlikely.

The best performing sector on the benchmark US share index, the S&P 500, is currently energy. Of that sector, it is the oil services companies that are doing best – the ones who might have been hit heaviest had stringent new regulations hampered the way they were able to run rigs.

As I write, the sector as a whole is up 1.5 per cent, with services companies rallying 2.6 per cent. Halliburton is up 3 per cent, while rivals Cameron International and Baker Hughes have risen 4.5 per cent and 3.3 per cent respectively.

One interpretation is that these companies could actually benefit from any new regulations, as they could charge exploration companies more for their services. But the exploration companies themselves are also doing well, with the sector rising 1.4 per cent in early trade.

Oh, and BP itself? Up 2.7 per cent.

It seems investors are pretty pleased with what the oil spill commission has found.

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