Energy stocks dominate top S&P gainers as crude prices ramp up
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Energy (NYSEARCA:XLE) is Monday's top S&P sector performer by a wide margin, +2.1%, supported by strong gains in crude oil futures, building on last week's gains as investors evaluate the prospect of a cut in production by OPEC+.
WTI October crude (CL1:COM) +3.4% to $96.24/bbl, surpassing its 200-day moving average (95.53) to its highest level in nearly four weeks, while October Brent (CO1:COM) +3% to $104.08/bbl.
Of the day's top 15 gainers on the S&P 500, 14 are in the oil and gas group: (FANG) +4.4%, (APA) +3.8%, (OXY) +3.6%, (MRO) +3.5%, (XOM) +3%, (CTRA) +2.6%, (EOG) +2.5%, (PXD) +2.5%, (DVN) +2.4%, (HES) +2.4%, (COP) +2.3%, (HAL) +2.1%, (SLB) +2.1%, (VLO) +2.1%.
ETFs: (XLE), (XOP), (VDE), (OIH), (IEO), (DRIP), (GUSH), (CRAK), (NYSEARCA:USO), (UCO), (SCO), (BNO), (DBO), (USL)
The energy sector extends its August gain to ~7% compared to a 2.7% month-to-date loss on the S&P 500.
Unrest in Libya's capital at the weekend that resulted in 32 deaths also prompted concern that the country could slide into a full-blown conflict and disrupt in oil supply.
LPL Financial chief equity strategist Jeff Buchbinder said he sees five reasons for oil and gas stocks to continue their run higher.