Sector Update: Energy Stocks Rise in Monday Afternoon Trading

MT Newswires Live03-24

Energy stocks rose Monday afternoon with the NYSE Energy Sector Index increasing 0.5% and the Energy Select Sector SPDR Fund (XLE) adding 1.1%.

The Philadelphia Oil Service Sector index gained 2.2%, and the Dow Jones US Utilities index advanced 0.4%.

West Texas Intermediate crude oil rose 0.9% to $68.89 a barrel, and the global benchmark Brent crude contract advanced 0.8% to $72.19 a barrel. Henry Hub natural gas futures fell 1.3% to $3.97 per 1 million BTU.

In sector news, President Donald Trump that any country that buys oil or gas from Venezuela will face a 25% tariff "on any trade" with the US.

In corporate news, the US Treasury Department's Office of Foreign Asset Control extended the deadline for Chevron (CVX) to wind down its joint ventures in Venezuela through 12:01 a.m. ET on May 27. Chevron shares added 0.2%.

CMB.TECH (CMBT) shares rose 0.8%. The company signed an agreement with Mitsui OSK Lines and Mol Chemical Tankers for nine ammonia-powered Newcastlemax bulk carriers and chemical tankers.

TotalEnergies' (TTE) renewable energy assets in Portugal are attracting interest from Abu Dhabi's Masdar, which is exploring the acquisition of an undisclosed stake, Reuters reported Friday. TotalEnergies shares fell 0.9%.

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