Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each rising 1.9%.
The Philadelphia Oil Service Sector index climbed 2.8%, and the Dow Jones US Utilities index was up 0.1%.
Front-month West Texas Intermediate crude oil was rising 1.9% to $72.36 a barrel while the global benchmark Brent crude contract was advancing 1.7% to $75.93 a barrel. Henry Hub natural gas futures rose 5% to $3.47 per 1 million BTU.
In corporate news, Elliott Investment Management has amassed a stake in BP (BP), according to media reports. BP shares jumped 7.4%.
Kosmos Energy (KOS) shares gained over 7% after the company said it has achieved first liquified natural gas production at the BP-operated Greater Tortue Ahmeyim LNG project, offshore Mauritania and Senegal.
Ormat Technologies (ORA) said Monday it started commercial operations for the Ijen geothermal power plant in Indonesia. Its shares added 0.1%.
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