Sector Update: Energy

Last Updated: Monday, May 16, 2022 3:38 PM | MT Newswires

Energy stocks extended their Monday gains this afternoon, with the NYSE Energy Sector Index rising 2.6% while the SPDR Energy Select Sector ETF (XLE) was up 2.8%. The Philadelphia Oil-Service Sector index also was posting a 3.6% gain while the Dow Jones US Utilities Index was adding 0.4%. West Texas Intermediate crude oil settled $3.71 higher at $113.77 per barrel while Henry Hub natural gas futures rose $0.29 to $7.961 per 1 million BTU. In company news, W&T Offshore (WTI) gained 4.9% on Monday, with the oil and natural gas producer saying chief technical officer Stephen Schroeder will retire on June 1 after a decade in the post.

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