Sector Update: Energy Stocks Higher Late Afternoon
MT newswire2026/10/05 19:5503:55 PM EDT, 10/05/2026 (MT Newswires) -- Energy stocks advanced late Monday afternoon, with the NYSE Energy Sector Index rising 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.8%. The Philadelphia Oil Service Sector Index was climbing 3.6%, and the Dow Jones US Utilities Index increased 0.6%. In geopolitical news, Saudi Arabia-backed Yemeni government forces advanced on Monday to retake the coast around the Bab el-Mandeb Strait, a chokepoint similar to the Strait of Hormuz, pushing the Iran-backed Houthis out of most of the areas they had seized in September, Reuters reported. Meanwhile, Iran's Interior Minister Eskandar Momeni travelled to Doha at the invitation of his Qatari counterpart, Al Jazeera reported. Front-month West Texas Intermediate crude oil fell 2.2% to $89.07 a barrel, and the global benchmark Brent crude contract shed 2.1% to $100.07 a barrel. Henry Hub natural gas futures rose 0.9% to $3.06 per 1 million BTU. In corporate news, Cenovus Energy (CVE) has agreed to buy fellow Canadian energy company Athabasca Oil in a cash-and-stock deal with an implied enterprise value of roughly 5.7 billion Canadian dollars ($4 billion), as it aims to expand its core oil sands business. Cenovus shares were down 2.9%. Chevron (CVX) said Jeff Gustavson, who currently serves as president of its New Energies unit, has been appointed as chief financial officer, effective Jan. 1, 2027. Shares eased 0.3%. Suncor Energy (SU) agreed to sell its interests in the Terra Nova, White Rose and West White Rose offshore assets to Ithaca Energy for 1.2 billion Canadian dollars ($841.3 million) in upfront cash, plus up to CA$350 million in contingent payments, Suncor said Sunday. Suncor shares were down 1.1%. BP (BP) CEO Meg O'Neill said Monday that the company has adjusted its refineries to maximize diesel production amid sharper prices of the commodity. Speaking at the Energy Intelligence conference in London, O'Neill said that the company has been able to adapt and respond to changing customer needs. BP
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