Shares of energy companies rose as the sector rebounds from a weak 2024 to lead the stock market.
The SPDR Select Sector Energy exchange-traded fund, which tracks the energy industry group of the S&P 500, is up by more than 5% for the year to date, as the 2024 laggard leads gains among sectors in 2025.
The gap between near-term U.S. crude oil prices and future prices is widening in part due to a decline in the amount of oil stored at Cushing, Okla., the storage hub for West Texas intermediate oil, the blend used as a market gauge by the New York Mercantile Exchange.
Oil futures gave back some of their gains after a sustained rally, declining 1.7% to $77.50 a barrel.
President-elect Donald Trump is preparing executive orders aimed at boosting American fossil fuels and undoing his predecessor's push for the U.S. to adopt electric vehicles.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-14-25 1730ET