Energy stocks were sharply higher Monday afternoon, with the NYSE Energy Sector Index climbing 2.8% while the Energy Select Sector SPDR ETF (XLE) was up 3.1%.
Front-month West Texas Intermediate crude oil rose $1.73 to $73.37 per barrel. while global benchmark Brent advanced $1.13 to $74.64 per barrel. Henry Hub natural gas futures were $0.04 lower at $3.18 per million BTU.
The Philadelphia Oil Service Sector index surged 4.6%, while the Dow Jones US Utilities Index was 1.5% higher.
In company news, Torchlight Energy Resources (TRCH) surged 73.5% to an all-time high after the oil and gas producer Monday extended the closing date for its proposed business combination with Canadian electromagnetic films company Metamaterials until June 30, saying that would provide enough time to complete Friday's scheduled pro-rata distribution of series A preferred shares to its common shareholders. The stock was also generating attention and support from retail investors on Reddit.
Alset EHome (AEI) climbed over 43% after the real estate developer announced a deal to install Tesla (TSLA) photovoltaic solar panels, powerwalls and electric vehicle chargers at up to 100 single-family homes in suburban Houston by the end of 2021. Financial terms were not disclosed.
Liberty Oilfield Services (LBRT) gained almost 11% after a BofA Securities upgrades of the stock to neutral from underperform with a $15.75 price target.