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Sector Update: Energy

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Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index rising 1.8% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.7%.

The Philadelphia Oil Service Sector Index was climbing 3.2%, and the Dow Jones US Utilities Index was down 0.5%.

Crude oil prices rose Monday amid a lack of progress on US-Iran peace talks. Iran has submitted its new proposal to end the war, but the White House believes it fails to offer meaningful improvements on the last offer, Axios reported Monday, citing a senior US official and a source briefed on the issue.

Front-month West Texas Intermediate crude oil was rising 1% to $106.42 a barrel, and the global benchmark Brent crude contract was advancing 0.4% to $109.70 a barrel. Henry Hub natural gas futures rose 2% to $3.02 per 1 million BTU.

In corporate news, Devon Energy (DVN) may see support from its upcoming combined company guidance with Coterra Energy in June, possible asset sales, merger synergies, stronger shareholder returns, and continued investment in Delaware Basin assets, RBC said. Devon shares added 0.4%.

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