Energy tops S&P sector leaderboard as U.S. crude oil on track for sixth straight gain
SlavkoSereda

Energy (XLE) is the easy leader among the S&P industry groups on Thursday, +2.2%, supported by rising crude oil prices following the release of the December CPI report, which showed the annual rate of inflation fell for the sixth month in a row to 6.5% from 7.1%.
The reading led to a decline in the U.S. dollar, which helped to lift dollar-denominated prices of oil.
WTI crude oil (CL1:COM) for February delivery +1.5% at $78.57/bbl, on track for its sixth straight daily gain, and March Brent crude (CO1:COM) +1.8% at $84.14/bbl.
ETFs: (USO), (BNO), (UCO), (SCO), (DBO), (DRIP), (GUSH), (USOI), (NRGU), (XLE), (XOP), (VDE), (OIH), (CRAK)
Seven of the day's top 15 gainers are from the oil and gas sector: Hess (HES) +4.9% to a fresh record high, APA (APA) +4.3%, EQT (EQT) +4.2%, Halliburton (HAL) +3.7%, SLB (SLB) +3.3%, Baker Hughes (BKR) +3.3%, EOG Resources (EOG) +3.2%.
Exxon Mobil (NYSE:XOM) +1.8% to $113.35, less than a dollar below its all-time high $114.66 from early November.
"A number of signs, including an increase in crude oil import quotas, suggest a recovery in Chinese oil demand this year," according to ING commodities strategists, assuming China will make up 50% of the 1.7M bbl/day of global demand growth expected this year.
Natural gas futures (NG1:COM) extended strong early gains, +5.8% to $3.885/MMBtu, after the latest update on U.S. supplies showed a small weekly increase.