Sector Update: Energy Stocks Rise Late Afternoon

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Sector Update: Energy Stocks Rise Late Afternoon

, MT Newswires - 3:41 PM ET 3/24/2025 default

03:41 PM EDT, 03/24/2025 (MT Newswires) -- Energy stocks rose late Monday afternoon with the NYSE Energy Sector Index increasing 0.8% and the Energy Select Sector SPDR Fund (XLE) adding 1,2%.

The Philadelphia Oil Service Sector index gained 3%, and the Dow Jones US Utilities index advanced 0.1%.

West Texas Intermediate crude oil rose 1.4% to $69.21 a barrel, and global benchmark Brent advanced 1.2% to $72.47 a barrel. Henry Hub natural gas futures fell 1.8% to $3.91 per 1 million BTU.

In sector news, President Donald Trump that any country that buys oil or gas from Venezuela will face a 25% tariff "on any trade" with the US.

In corporate news, VivoPower ( VVPR ) shares more than doubled. The company received an unsolicited takeover proposal from Energi Holdings valuing all free float shares at an enterprise value of $120 million.

NiSource's ( NI ) investment in power generation may boost earnings per share by 2030, assuming two 625 megawatts combined cycle gas turbines are built and commissioned by 2030 for Indiana data centers, UBS Securities said. NiSource ( NI ) shares gained 1.7%.

The US Treasury Department's Office of Foreign Asset Control extended the deadline for Chevron ( CVX ) to wind down its joint ventures in Venezuela through 12:01 a.m. ET on May 27. Chevron ( CVX ) shares added 0.3%.

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