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Sector Update: Energy

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Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 3.4% and the State Street Energy Select Sector SPDR ETF (XLE) adding 4%.

The Philadelphia Oil Service Sector Index was climbing 4.7%, and the Dow Jones US Utilities Index was decreasing 0.9%.

Front-month West Texas Intermediate crude oil rose 4.3% to $81.52 a barrel, and the global benchmark Brent crude contract advanced 4.3% to $87.14 a barrel. Henry Hub natural gas futures climbed 4.8% to $2.79 per 1 million BTU.

In corporate news, California Resources (CRC) shares were up 2.4% after it reported its Q2 results. The company also said Monday that it agreed to acquire Crimson Midstream from CorEnergy Infrastructure Trust for a total cash consideration of $63 million.

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