Sector Update: Energy Stocks Advance Friday Afternoon

02:01 PM EDT, 09/11/2026 (MT Newswires) -- Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index up 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) gaining 0.4%. The Philadelphia Oil Service Sector Index was decreasing 0.9%, and the Dow Jones US Utilities Index was 0.2% higher. Front-month West Texas Intermediate crude oil fell 2.4% to $100.05 a barrel, and the global benchmark Brent crude contract dropped 2.5% to $104.92 a barrel. Henry Hub natural gas futures shed 1% to $2.81 per 1 million BTU. In sector news, the White House is mulling ways it can use the Defense Production Act to expand US oil refining capacity, Reuters reported. The suggestion to use the act occurred in a recent meeting between President Donald Trump and nearly a dozen US refiners, the report said, citing sources, who added that no final decisions were made and that participants expected conversations to continue. In corporate news, Chevron's (CVX) $7 billion expansion in Venezuela will be funded with cash generated from the country, Bloomberg reported, citing CEO Mike Wirth as saying at the University of Texas' Energy Symposium in Austin. Shares were up 0.6%. Venture Global (VG), Cheniere Energy (LNG), and Woodside Energy (WDS) are included in a group of companies that are in talks with QatarEnergy for liquefied natural gas contracts aimed at replacing capacity in the Ras Laffan facility damaged by Iranian attacks, Reuters reported. Venture shares rose 3%, Cheniere added 0.5%, and Woodside was down 1.5%. TotalEnergies (TTE) said it has agreed to acquire Plastic Energy's 35% stake in the Grandpuits plastics recycling plant in France, making it the sole owner of the facility. Shares were up 0.4%.