Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index up 0.4% and the Energy Select Sector SPDR Fund (XLE) adding 0.6%.
The Philadelphia Oil Service Sector index was little changed, and the Dow Jones US Utilities index was gaining 1.6%.
In sector news, the Organization of the Petroleum Exporting Countries cut its global oil demand projections for 2025 and 2026 amid macroeconomic uncertainties. The cartel now expects oil demand to grow 1.30 million barrels a day this year and 1.28 million barrels in 2026, down from its prior outlooks of 1.45 million barrels and 1.43 million barrels, respectively.
Front-month West Texas Intermediate crude oil was falling 1% to $60.88 a barrel, and the global benchmark Brent crude contract was down 0.8% to $64.26 a barrel. Henry Hub natural gas futures were 3.3% lower at $3.41 per 1 million BTU.
In corporate news, Eni (E) said it signed a memorandum of understanding with Argentina's YPF to assess its participation in the LNG gas project in the onshore Vaca Muerta natural gas field. Eni shares rose 1%.
American Resources (AREC) shares surged 42% after the company said it closed $20 million in debt financing via US-focused private capital.
Mammoth Energy Services (TUSK) shares jumped 27% after announcing the sale of three infrastructure subsidiaries to Peak Utility Services for $108.7 million.
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