Energy stocks traded broadly higher Monday, as the rally in crude oil prices toward a 13-month high helped fuel investor interest in the sector. The SPDR Energy Select Sector ETF XLE, +4.48% ran up 4.1%, and was the biggest gainer among the SPDR ETFs tracking the S&P 500’s SPX, +0.42% 11 key sectors, with 23 of 24 equity components gaining ground. The energy ETF was headed for a sixth straight gain, which would be the longest such streak since the six-day stretch ended June 8, 2020. Among the components, shares of Marathon Oil Corp. MRO, +13.92% shot up 12.9% toward a near one-year high to pace the gainers, while Occidental Petroleum Corp.’s stock OXY, +12.08% was second with an 11.8% run up toward an 11-month high. Among the ETF’s other more active components, shares of Exxon Mobil Corp. XOM, +4.71% rose 4.1%, Kinder Morgan Inc. KMI, +4.10% climbed 3.8% and Apache Corp. APA, +10.05% advanced 9.9%. “Numerous drivers appear to continue to support investors’ appetite for increased risk, which favors cyclical plays such as the energy sector,” Truist analyst Neal Dingmann wrote in a note to clients. Meanwhile, crude oil futures CL00, +2.01% surged 1.8% to $57.84, putting them on track for the highest close since January 2020, amid pandemic-recovery optimism and expectations for the passage of a U.S. economic stimulus bill. The gains come as the S&P 500 SPX, +0.42% rose 0.3% toward a record close.
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