Sector Update: Energy

MT Newswires Live03:37

Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each adding 1.3%.

The Philadelphia Oil Service Sector Index decreased 0.2%, and the Dow Jones US Utilities Index was up 0.4%.

Oil prices were advancing Monday following reports of Russian strikes targeting energy facilities in Ukraine, despite President Donald Trump announcing an energy ceasefire between the countries last week.

Front-month West Texas Intermediate crude oil climbed 1.9% to $93.59 a barrel, and the global benchmark Brent crude contract rose 1.7% to $106.53 a barrel. Henry Hub natural gas futures fell 1.6% to $3.17 per 1 million BTU.

In corporate news, Ovintiv (OVV) is expected to provide a positive Q3 update despite ongoing midstream constraints in the Montney region, with strong Permian well performance offsetting some of the production impact, UBS said in a note. UBS maintained its buy rating on the stock with an $85 per share price target. Ovintiv shares were up 2.1%.

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