By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) -- Energy stocks snapped a five-session winning streak on Tuesday, one of a handful of S&P 500 sectors in the red.
The broader equity market rallied as a diplomatic alternative to a military strike in Syria has emerged, and as Chinese data pointed to rising industrial output and retail sales.
Loss leaders for the day included Cabot Oil & Gas Corp. (COG), with shares down 2.6%, and WPX Energy Inc. (WPX), down 2.3%.
Shares of Murphy Oil Corp. (MUR) fell 0.3%. Murphy on Tuesday upgraded its third-quarter production expectations by 8,000 barrels of oil equivalent a day to 198,000 barrels of oil equivalent a day.
Murphy said the slight increase was due to a planned shutdown in a Malaysian field being shifted to later in the year. Production for the year remains unchanged at 203,000 barrels, the company said in a statement.
Major oil and gas companies also declined, with Exxon Mobil Corp. (XOM) retreating 0.8%. Chevron Corp. (CVX) shares were off 0.2%, while ConocoPhillips (COP) shares lost 0.6%.
Among the few gainers, Noble Energy Inc. (NBL) advanced 0.3%. Noble and partners in Israel said they would soon drill in another nearby offshore natural-gas field, Eran, estimated to contain about 684 billion cubic feet of gas.
Eran is much smaller than the Tamar and Leviathan fields. Tamar is estimated to contain about 9 trillion cubic feet of natural gas, while Leviathan has about 19 tcf.
Noble has joined with with Israeli companies such as Delek Drilling and Avner Oil Exploration L.P. to develop Israel's natural-gas fields. They said they plan to spend $122 million on drilling in Eran.
Kinder Morgan Inc. (KMI) shares advanced 0.6%.
Kinder Morgan is at the center of a controversy with an energy analyst from an independent research firm, with a few news stories attributing Kinder Morgan's fall last week to an email and subsequent tweets from the energy analyst at Hedgeye Risk Management.
Meanwhile, the SPDR Energy Select Sector (XLE), an exchange-traded fund focused on energy names, was off 0.5%.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
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(END) Dow Jones Newswires
09-10-13 1249ETCopyright (c) 2013 Dow Jones & Company, Inc.
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