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,
ran up 4.1%, and was the biggest gainer among the SPDR ETFs tracking the S&P 500’s
SPX,
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,
shot up 12.9% toward a near one-year high to pace the gainers, while Occidental Petroleum Corp.’s stock
OXY,
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,
rose 4.1%, Kinder Morgan Inc.
KMI,
climbed 3.8% and Apache Corp.
APA,
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,
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,
rose 0.3% toward a record close.