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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 rising 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.9%.

The Philadelphia Oil Service Sector Index was up 0.4%, and the Dow Jones US Utilities Index was decreasing 0.6%.

Oil prices rose Monday as the 60-day ceasefire between the US and Iran expired, with no signs of near-term engagement prospects. The US and Iran agreed to a memorandum of understanding to end their war in June and negotiate a final deal. However, the truce apparently collapsed as tensions over the control of the Strait of Hormuz escalated.

Front-month West Texas Intermediate crude oil rose 2.3% to $84.31 a barrel, and the global benchmark Brent crude contract added 2.4% to $90.66 a barrel. Henry Hub natural gas futures fell 1.5% to $2.69 per 1 million BTU.

In corporate news, Chevron (CVX) said Monday that its Cabinda Gulf Oil unit has made an oil and gas condensate discovery offshore Angola. The company said the well, which was drilled in the Lower Congo Basin, reached an oil and gas condensate column of more than 600 meters with more than 90 meters of net pay in reservoir quality rock. Chevron shares rose 1.5%.

Palantir (PLTR) Co-Founder Peter Thiel has acquired over 1.1 million American depositary shares in Vista Energy (VIST) worth about $75.9 million, according to a filing with the US Securities and Exchange Commission. Vista Energy shares gained 5.7%.

Fermi (FRMI) shares were down nearly 4% after it received a subpoena from the US District Court for the Eastern District of New York on July 30 requesting documents related to Project Matador, the company and certain former management members.

NexGen Energy (NXE) is sharing information and holding talks with BHP (BHP) about its Rook I mining project in Saskatchewan, as it seeks to raise $1 billion in capital over the next nine months, Reuters reported, citing NexGen CEO Leigh Curyer. NexGen shares rose 3.3%, and BHP added 1.6%.

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