NEW YORK (MarketWatch) - A drop in petroleum supplies fueled a buying spree for equities tied to the oil and gas business as energy stocks rose convincingly on Thursday.

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Broadly, the stock market gained momentum from an unexpected rise in April durable goods orders, while weekly jobless claims didn't worsen.

Crude inventories dropped 5.4 million barrels in the week ended May 22, declining for a third straight week, the Energy Information Administration reported. Analysts surveyed by Platts had expected an increase of 1.8 million barrels.

The Amex Oil Index /quotes/comstock/10t!xoi.x (XOI 969.64, +29.59, +3.15%) rose 3.2% to 970. The Amex Natural Gas Index /quotes/comstock/10t!xng.x (XNG 434.41, +17.30, +4.15%) rose 4% to 434. The Philadelphia Oil Service Index /quotes/comstock/10y!i:osx (OSX .X 173.01, +7.14, +4.30%) gained 4.3% to 173.

Among movers, Marathon Oil /quotes/comstock/13*!mro/quotes/nls/mro (MRO 31.01, +1.77, +6.05%) jumped 6% to $31.01. EOG Resources /quotes/comstock/13*!eog/quotes/nls/eog (EOG 72.61, +4.34, +6.36%) added 6.4% to $72.61 and Transocean /quotes/comstock/13*!rig/quotes/nls/rig (RIG 78.71, +4.37, +5.88%) was up 6% at $77.71.

Oil Outlook As OPEC Freezes Output

As OPEC leaves output unchanged, Dow Jones Newswires' Adam Smallman says some factors underpinning $147 oil remain in place. (May 28)

Analysts at Houston research firm Tudor Pickering Holt noted that OPEC's production quota remains about 4.2 million barrels a day lower than the middle of 2008, as expected.

"Global demand will be the deciding factor for further production cuts or increases at their Sept. 9 meeting," analysts noted.

Meanwhile, crude prices rose $1.20 to $64.65, the highest levels since last November. See Futures Movers.

Sector leader Exxon Mobil /quotes/comstock/13*!xom/quotes/nls/xom (XOM 69.23, +0.93, +1.36%) rose 1.4% to $69.23. Chevron /quotes/comstock/13*!cvx/quotes/nls/cvx (CVX 65.81, +1.24, +1.92%) rose 1.9% to $65.81. Both oil majors are components of the Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed (INDU 8,404, +103.78, +1.25%) , which rallied 104 points, or 1.3%.

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