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Sector Update: Energy Stocks Mixed Late Afternoon

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Energy stocks were mixed late Monday afternoon with the NYSE Energy Sector Index rising 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.1%.

The Philadelphia Oil Service Sector Index fell 0.8%, and the Dow Jones US Utilities Index fell 0.6%.

West Texas Intermediate crude oil jumped 5.9% to $88.79 a barrel, and global benchmark Brent rose 5.3% to $95.19 a barrel. Henry Hub natural gas futures increased 0.3% to $2.68 per 1 million BTU.

In corporate news, Devon Energy (DVN) shares rose 1.3% after Tudor Pickering Holt upgraded the stock to buy from hold with a $63 price target.

USA Rare Earth (USAR) agreed to acquire Brazilian rare earths miner Serra Verde in a cash-and-stock deal with an equity value of about $2.8 billion. USA Rare Earth shares jumped 13%.

Eni (E) and Repsol reached a deal with the Venezuelan government to begin exporting natural gas from the country's Perla field in the Gulf of Venezuela, shipping the fuel in the form of liquefied natural gas from a floating terminal, Bloomberg reported. Separately, Eni made a gas discovery in the Kutei Basin off the coast of Indonesia. Eni shares rose 0.4%.

Sable Offshore (SOC) shares climbed 3.4% after it said capital expenditures across its assets are expected to be around $180 million from April through December.

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