PXD - Energy companies jump with oil futures on prospect of even tighter supplies

Energy (NYSEARCA:XLE) was the easy winner in Monday's S&P sector standings, +2.9% compared to the broader S&P 500's -0.3% showing, as crude oil futures rebounded from their recent slide. WTI front-month futures (CL1:COM) settled +1.8% to $109.57/bbl and Brent crude (CO1:COM) closed +1.7% to $115.09/bbl, as better than expected U.S. economic data eased some worries over a potential slowdown in energy demand. Traders are also monitoring talks by G7 nations, who appear to be inching toward an agreement to expand sanctions against Russia by looking for a mechanism to cap the purchase price of Russian oil, raising the potential for even tighter supplies even as the G7 is expected to discuss a revival of the Iran nuclear deal, which might lead to more oil supply on the market. Eleven of the day's top 15 gainers on the S&P 500 were in the oil and gas group: (NYSE:VLO) +8%, (DVN) +7.5%,

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Energy companies jump with oil futures on prospect of even tighter supplies