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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 3.7% and the State Street Energy Select Sector SPDR ETF (XLE) adding 4.4%.

The Philadelphia Oil Service Sector Index was climbing 5.5%, and the Dow Jones US Utilities Index was decreasing 1.1%.

Front-month West Texas Intermediate crude oil rose 4.6% to $81.80 a barrel, and the global benchmark Brent crude contract advanced 4.5% to $87.33 a barrel. Henry Hub natural gas futures climbed 4.7% to $2.79 per 1 million BTU.

In sector news, Phillips 66 (PSX) is expected to accelerate share repurchases in H2 this year, supported by ongoing balance sheet deleveraging, UBS said in a note. UBS maintained a buy rating on Phillips 66 with a $235 price target. Phillips 66 shares were up 5.4%.

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