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Sector Update: Energy Stocks Rise Monday Afternoon

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Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 1.7% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.5%.

The Philadelphia Oil Service Sector Index was climbing 3.2%, and the Dow Jones US Utilities Index was down 0.7%.

Front-month West Texas Intermediate crude oil was rising 1.4% to $106.89 a barrel, and the global benchmark Brent crude contract was advancing 1.6% to $111.01 a barrel. Henry Hub natural gas futures rose 2.3% to $3.03 per 1 million BTU.

In sector news, Treasury Secretary Scott Bessent said Monday on X the US Treasury is issuing a temporary 30-day license allowing nations to access Russian oil currently stranded at sea.

In corporate news, NextEra Energy (NEE) and Dominion Energy (D) said they have agreed to merge in all-stock deal to create the largest regulated electric utility in the world. Dominion's shareholders will get 0.8138 of NextEra's shares for each share owned, giving them a 25.5% stake in the combined entity, they said, adding that NextEra's shareholders will have the balance. NextEra was down 6.8%, and Dominion jumped past 8%.

ConocoPhillips (COP) and Glenfarne Group's subsidiary have signed a 30-year agreement to supply North Slope natural gas for phase one of the Alaska LNG project, the companies said Monday. ConocoPhillips shares rose 1.5%.

Compass Minerals International (CMP) said it plans to re-enter the lithium market via a partnership with startup EnergyX to extract lithium from Utah's Great Salt Lake, Reuters reported. Compass shares added 0.7%.

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