Energy stocks surge as oil prices jump, led by Marathon Petroleum’s biggest gain in over a year

The S&P 500’s SPX, +2.59% energy sector saw a unanimous rally in midday trading Monday, as reports that an large oil-producing cartel plans to cut production provided a big lift to crude oil prices. The SPDR Energy Select Sector exchange-traded fund XLE, +5.65% ran up 5.0% with all 21 components gaining ground. The ETF’s biggest gainer was Marathon Oil Corp.’s stock MRO, +10.58%, which climbed 9.2%, toward the biggest one-day gain since it soared 13.6% on June 21, 2021. Of the ETF’s most active components, shares of Occidental Petroleum Corp. OXY, +4.25% rallied 5.4% and Exxon Mobil Corp. XOM, +5.28% hiked up 4.5%. The worst performer was Kinder Morgan Inc.’s stock KMI, +2.76%, which gained 2.2%. Chevron Corp.’s stock CVX, +5.61% ran up 5.0% to pace the Dow Jones Industrial Average’s DJIA, +2.66% gainers. Meanwhile, crude oil futures CL00, +0.25% charged up 3.9%, after reports over the weekend that the Organization of Petroleum Exporting Countries (OPEC) and their allies, known as (OPEC+), is considering cutting production by more than one million barrels a day to stem the recent price decline.