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Energy (NYSEARCA:XLE) is easily the leading S&P industry sector in Monday's trading, +3.6% as it enjoys support from rising WTI crude oil prices to a fresh high for the month and U.S. gasoline futures topped $4/gallon for the first time ever.
"The stronger [oil] products get, the more optimistic the market gets on crude runs increasing this summer," TP ICAP Group energy specialist Scott Shelton told Bloomberg.
WTI crude for June delivery (CL1:COM) +2.6% to $113.35/bbl, July Brent crude (CO1:COM) +1.7% to $113.46/bbl, and June gasoline (XB1:COM) +2.3% to $4.0483/gallon after ending Friday at a record.
The top five gainers in the S&P 500 all are in the energy sector: (OXY) +6.6%, (APA) +5%, (MRO) +4.5%, (COP) +4.4%, (HAL) +4.3%.
Other notable gainers include (NRG) +4.2%, (CVX) +4.1%, (DVN) +3.9%, (FTI) +3.8%, (HES) +3.8%, (SLB) +3.7%, (XOM) +3.4%, (PXD) +3.2%, (PSX) +3.1%, (VLO) +3%.
ETFs: (USO), (UCO), (XOP), (VDE), (OIH), (UGA)
"The continuous inventory withdrawal over the past few weeks has pushed U.S. gasoline stocks to levels significantly below the five-year average at this point in the season and reflects acute supply tightness," ING head of commodities Warren Patterson said, according to MarketWatch.
With additional European exports secured, U.S. natural gas prices rallied as high as $8/MMBtu.