⚡️Energy Sector Surges as Crude Tops $64; Exxon Hits 9-Week High, Chevron Advances on Pipeline Deal | Energy Sector Insights
XLE gained 1.7% alongside rising oil prices fueled by geopolitical tensions. Top holdings Exxon and Chevron drove the move, with Exxon extending monthly strength and Chevron securing a major gas transport agreement.
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Below are AI-generated insights on moves in the energy sector, powered by MarketReader technology.
Tuesday, September 16
XLE [+1.7%]
Energy Select Sector SPDR Fund
Energy Select Sector SPDR Fund (XLE) is currently showing a notable increase of 1.7%, outperforming the Utilities sector, which has declined. WTI crude prices have risen significantly, reaching approximately $64.52 per barrel amid geopolitical tensions, including the ongoing Russia-Ukraine conflict and crises in the Middle East. This rise in crude oil prices aligns with XLE's daily return of 1.78%. The fund's top holdings are also contributing positively, with Exxon Mobil (XOM) achieving a nine-week high and showing substantial appreciation over the past month. Chevron Corp (CVX) has signed a gas transportation agreement for a pipeline project set to commence in late 2025. Overall, the broader energy sector has experienced a rise, reflecting positive sentiment within this segment of the market.