WALL STREET - OLJEAKSJER & FRONTLINE

Sector Briefing: Energy (56.15 -0.37)

The S&P 500 (+0.9%) trades at its best level of the session with eight sectors holding gains while energy (-0.8%) is the worst performer.

Key factors driving today's performance include:

Receding worries about significant supply interruptions due to the conflict with Iran after President Trump's announcement that the U.S. will offer maritime insurance to vessels traversing the Strait of Hormuz, filling a void created by Lloyd's of London refusing to offer coverage after last weekend's strikes.

Continued profit taking after the sector's surge to start the week. The energy sector is back to unchanged for the week, holding a 24.5% gain for Q1.

Modestly higher price of oil, as WTI crude rises $0.26, or 0.4%, to $74.81/bbl, though it remains below yesterday's high (77.98).

A report from Bloomberg that Interior Secretary Burum is being sent to Venezuela to help revive the country's oil and mineral extraction.

Outperformance in refining names.

Notable movers:

APA (APA 31.02, -0.83, -2.61%): weakest performer in the sector, deepening this week's reversal from its best level since August 2024.

ConocoPhillips (COP 115.74, -2.78, -2.35%): deepening yesterday's reversal from its best level since May 2024.

Baker Hughes (BKR 61.11, -1.43, -2.29%): deepening this week's reversal from its best level since December 2016.

Halliburton (HAL 34.45, -0.64, -1.82%): deepening this week's reversal from its best level since July 2024.

Chevron (CVX 185.96, -2.81, -1.49%): deepening this week's reversal from a record high.

Exxon Mobil (XOM 150.16, -1.67, -1.10%): deepening this week's reversal from a record high.

SLB (SLB 48.08, -0.51, -1.04%): deepening this week's reversal from its best level since April 2024 with its 50-day moving average (46.96) looming below.

Williams Companies (WMB 75.26, -0.62, -0.82%): deepening this week's reversal from a record high.

Phillips 66 (PSX 163.93, +4.15, +2.59%): seeking its best close since April 2024.

Valero (VLO 224.75, +7.04, +3.23%): rising to a fresh record high.

Marathon Petroleum (MPC 220.26, +8.28, +3.91%): best performer in the sector, seeking a fresh record close.