Energy stocks were shaprly higher this afternoon, with the NYSE Energy Sector Index climbing 3.1% while the SPDR Energy Select Sector ETF (XLE) was up 3.1%.
Front-month West Texas Intermediate crude oil was rising $0.56 to $70.30 per barrel while the global benchmark Brent crude contract also was advancing $0.43 to $73.35 per barrel. Henry Hub natural gas futures were $0.31 higher at $5.25 per 1 million BTU.
Among energy-related ETFs, the United States Oil Fund (USO) was ahead 0.9% while the United States Natural Gas Fund (UNG) was adding 5.1%. The Philadelphia Oil-Service Sector index was posting a 4.7% gain while the Dow Jones US Utilities Index was 0.2% lower.
In company news, Crescent Point Energy (CPG) rose almost 15% after the Canadian oil and natural gas producer Monday raised its Q4 dividend to $0.03 per share from $0.0025 per share currently.
Kinder Morgan (KMI) added 1.3% after the energy infrastructure company said it was partnering with Neste to create a new storage and logistics hub at its facility in Harvey, Louisiana, to collect and store used cooking oils and other materials used to produce renewable diesel and aviation fuels in addition to supplying renewable polymers and chemicals feedstocks. The facility is expected to open in early 2023 and can be further expanded at Neste's option.
Brooge Energy (BROG) climbed 1% after the crude oil storage and related services company reported a net income of $0.126 per share for the first six months of 2021, down from $0.184 per share during the same period last year, while revenue increased 1.7% year-over-year to $23.3 million. The single analyst polled by Capital IQ expected a revenue of $23 million.