Energy sprints to top of S&P leaderboard as crude oil extends rally
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Energy (XLE
+2%) again holds a comfortable lead in the S&P sector standings, extending this week's advance to 8.5% compared with a ~1% week-to-date loss on the S&P 500.
Crude oil prices are lifted today by a confluence of supply factors, including a deep freeze in Alberta and North Dakota, protests in OPEC member Kazakhstan, and supply outages in Libya, while gains are held down by minutes from the December Federal Reserve meeting that signal a more hawkish policy.

But "oil markets' interpretation of the Fed minutes appears to be one in which the U.S. economy is much stronger than expected... a trading scenario that strongly suggests strong U.S. petroleum demand during the next couple of months once the gasoline balances have a chance to stabilize," according to analysts at Ritterbusch & Associates.
Moody's sees global demand for energy exceeding pre-COVID levels by year-end, with strong oil and natural gas prices "as the global industry resolves significant ongoing dislocations."
February WTI crude (CL1:COM)
+2.3% at $79.68/bbl, the highest since late November, and March Brent crude (CO1:COM)
+1.8% to $82.27/bbl.
ETFs: XLE, XOP, VDE, OIH, USO, BNO

Among today's top performers: MRO
+4.9%, DVN
+4.5%, CNQ
+4.4%, HES
+4.1%, APA
+4%, FANG
+4%.
Exxon Mobil (XOM
+1.8%) jumps to a two-year high as Truist Securities foresees further potential dividend increases and stock buybacks in upgrading the stock.