Energy stocks extended their Monday gains this afternoon, with the NYSE Energy Sector Index rising 6.1% and the SPDR Energy Select Sector ETF (XLE) up 6.0%.
The Philadelphia Oil-Service Sector index was posting a 6.8% advance and the Dow Jones US Utilities Index was adding 3.4%.
West Texas Intermediate crude oil settled $4.14 higher at $83.63 per barrel while North Sea Brent crude also was advancing $3.72 to $88.86 per barrel. Henry Hub natural gas futures fell $0.30 to $6.47 per 1 million BTU.
In company news, Vistra (VST) gained 2.3% after the electric utility Monday said it has applied to extend the license to operate the units of Luminant's Comanche Peak nuclear plant near Fort Worth by an extra 20 years each through 2050 and 2053, respectively. The plant has a combined capacity of 2,400 megawatts.
Noble (NE) gained 1.2% after the offshore drilling contractor overnight said it has completed its business combination with Maersk Drilling and has received preliminary commitments from a group of bank lenders for a $350 million, three-year term loan to replace Maersk's existing facility with Danish Ship Finance. Noble also said it expects to complete the $375 million sale of five jackup rigs to Shelf Drilling on Wednesday.
Southwestern Energy (SWN) added 7.4% after Truist Securities raised its stock rating for the oil and natural gas producer to buy from hold and also increased its price target for Southwestern shares by $4 to $11 apiece.
Cosan (CSAN) rose almost 11% after the Brazilian fuel distribution company announced its purchase of an additional 13% stake in the Tellus and Janus Brasil Participacoes land management businesses for a combined 1.01 billion Brazilian reais ($194.4 million). Tellus and Janus operate 431 rural properties throughout Brazil that produce sugarcane, soy, cotton, corn and other commodities, Cosan said.