Oil Stocks Bounce Sharply, Broadly Off Multiyear Lows

Oil stocks were broadly higher Thursday, as a surge in crude oil prices helped fuel a bounce of multiyear lows. The SPDR Energy ETF shot up 4.2%, with 36 of its 40 equity components trading higher, after closing Wednesday at the lowest level since Sept. 7, 2010. Among the ETF's most actively-traded components, shares of Exxon Mobil Corp. ran up 5%, of Chevron Corp. rallied 5%, of Kinder Morgan Inc. climbed 5.6%, of Williams Cos. soared 25%, of Marathon Oil Corp. surged 6% and of Chesapeake Energy Corp. rose 2.8%. Among the few losers, Consol Energy Inc.'s stock shed 6.4%. Helping spark the bounce, February crude oil futures surged 2.3%.

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