Energy Recap: Integrateds were up around 2% on the jump in crude

· Energy outperformed the tape this week thanks to a 4-5% jump in crude and natural gas prices.

· Integrateds were up around 2% on the jump in crude, mostly in line with the tape. Despite this, BP still fell over 6% as the company faced constant grilling from congress throughout the week. The stock found some support late in the week after it cut its dividend and pledged to set aside $20B in an escrow fund to pay for damages in the Gulf.

· Services were one of the top groups in the space, with some names rallying 5-8% or more thanks to reduced worries over regulations. In addition, HAL had its estimates taken up at UBS and they also made positive comments on the space.

· Drillers were mostly higher thanks to a rise in crude, although the group’s gains were mitigated over regulatory and headline risks.

· Refiners were up 6% or more thanks to a sharp jump in crack spreads this week. The gains were led by SUN (+11%) after a few upgrades at competitors and an announcement that it would separate its coking unit.

· E&Ps were mostly higher thanks to a 4-5% jump in natural gas over hurricane worries.

· Coals were mostly higher as well thanks to the rise in natural gas, but gains were mitigated over continued worries over mining regulations. The worries were exacerbated later in the week after news that one of PCX’s mines’ roofs caved in.

· Shipping/tankers were mostly higher on talks of container shortages, despite the fact that the Baltic Dry Index fell over 12%.

· Solars were one of the best spaces in the market today thanks to talk of increased renewable energy by Obama and easing worries in Europe, the group’s largest market. FSLR led the group (+15%) after being upgraded at Credit Suisse.