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Sector Update: Energy Stocks Gain Late Afternoon

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Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each rising 2.4%.

The Philadelphia Oil Service Sector Index was adding 1.8%, and the Dow Jones US Utilities Index rose 1%.

Front-month West Texas Intermediate crude oil rose 2.6% to $97.93 a barrel, and the global benchmark Brent crude contract was advancing 2.8% to $104.16 a barrel. Henry Hub natural gas futures gained 6% to $2.92 per 1 million BTU.

In corporate news, Enbridge (ENB) is well-positioned to benefit from global energy security trends and rising demand for energy infrastructure, which are creating expanded opportunities across its businesses, RBC Capital Markets said in a note. Enbridge shares rose 1.7%.

BP (BP) has a "second chance" to deleverage and restore financial health, supported by higher commodity prices that could put it on firmer footing in coming years, RBC Capital Markets said in a note. RBC upgraded BP to outperform from sector perform, while maintaining its 700 pence ($9.52) price target. BP shares rose 2.1%.

Halliburton (HAL) and Blackstone (BX) will invest a combined $1 billion into energy startup VoltaGrid in a deal that values the firm at over $10 billion, Bloomberg reported. Halliburton shares added 1%.

National Energy Services Reunited (NESR) shares jumped past 9% after it reported higher Q1 adjusted earnings and revenue.

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