Energy stocks gained late Monday afternoon with the NYSE Energy Sector Index rising 1.7% and the Energy Select Sector SPDR Fund (XLE) climbing 2.6%.
The Philadelphia Oil Service Sector Index gained 3.9%, while the Dow Jones US Utilities Index fell 1.8%.
West Texas Intermediate crude oil rose 1.3% to $61.83 a barrel, and global benchmark Brent advanced 1.4% to $64.83 a barrel. Henry Hub natural gas futures fell 3.9% to $3.65 per 1 million BTU.
In corporate news, TotalEnergies (TTE) is looking to sell 50% stakes in its French and Polish biogas production units as part of its strategy to boost returns on investments in renewables, Bloomberg reported. The shares eased 0.1%.
NRG Energy (NRG) shares surged 25%. The company reported Q1 results that topped Wall Street estimates and agreed to buy power assets from LS Power Equity Advisors for $12 billion in cash and stock.
Blackstone (BX) is in talks to buy TXNM Energy (TXNM), the owner of the largest utility in New Mexico, Bloomberg reported. TXNM shares added 0.8%, and Blackstone jumped 6.6%.
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