Sector Update: Energy Stocks Higher Monday Afternoon

MT newswire2026/10/05 17:57

01:57 PM EDT, 10/05/2026 (MT Newswires) -- Energy stocks advanced Monday afternoon, with the NYSE Energy Sector Index rising 1.2% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.3%. The Philadelphia Oil Service Sector Index was climbing up 3.9%, and the Dow Jones US Utilities Index increased 0.8%. In geopolitical news, Saudi Arabia-backed Yemeni government forces advanced on Monday to retake the coast around the Bab el-Mandeb Strait, a chokepoint similar to the Strait of Hormuz, pushing the Iran-backed Houthis out of most of the areas they had seized in September, Reuters reported. Meanwhile, Iran's Interior Minister Eskandar Momeni travelled to Doha at the invitation of his Qatari counterpart, Al Jazeera reported. Front-month West Texas Intermediate crude oil fell 1.1% to $90.12 a barrel, and the global benchmark Brent crude contract shed 1.3% to $100.92 a barrel. Henry Hub natural gas futures rose 0.8% to $3.06 per 1 million BTU. In sector news, President Donald Trump is planning to ease limits on the use of dyed red diesel, a tax-exempt variety of the fuel, Bloomberg reported Monday, citing people familiar with the matter. The Trump administration is expected to unveil the plan on Monday, the report said. In corporate news, Cenovus Energy (CVE) has agreed to buy fellow Canadian energy company Athabasca Oil in a cash-and-stock deal with an implied enterprise value of roughly 5.7 billion Canadian dollars ($4 billion), as it aims to expand its core oil sands business. Cenovus shares were down 2.7%. Chevron (CVX) said Jeff Gustavson, who currently serves as president of its New Energies unit, has been appointed as chief financial officer, effective Jan. 1, 2027. Shares eased 0.3%. Vistra (VST) may receive a $4 billion loan package from the Trump administration to upgrade three of its nuclear plants, Bloomberg reported Friday. Vistra shares rose 3.8%. Suncor Energy (SU) agreed to sell its interests in the Terra Nova, White Rose and West White Rose offshore assets to Ithaca Energy for 1.2 billion C

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