Energy ETF surges to 1 1/2-year high as oil prices spike higher

Published: Dec 12, 2016 10:19 a.m. ET

Energy stocks enjoyed a broad rally Monday, after an agreement by non-OPEC members to cut production sent crude oil futures CLF7, +3.55% surging to a 17-month high. The SPDR Energy Select Sector ETF ETF, -12.50% shot up 1.6% in morning trade, to the highest level since June 17, 2015. Among the ETF’s more-active components, Chesapeake Energy Corp. shares CHK, +0.39% climbed 1.7%, paring earlier gains of as much as 6.2% to a 14-month high in intraday trade of $8.20. With volume of 21 million shares, the stock was the third-most actively traded on major U.S. exchanges. Shares of Chevron Corp. CVX, +1.70% rose 2.2% and of Exxon Mobil Corp. XOM, +2.22%rallied 2%, as they paced the gainers within the Dow Jones Industrial Average DJIA, +0.20% Elsewhere, Noble Corp.’s stock NE, -0.33% gained 1.2%, Transocean Ltd. shares RIG, +2.14% hiked up 1.5% and shares of Marathon Oil Corp. MRO, +3.07% tacked on 2.7%.