New York, January 24, 2026, 13:15 EST — Market closed
- Energy Select Sector SPDR Fund (XLE) climbed 0.6% Friday, with crude oil closing at its highest level in over a week
- Oil climbed close to 3% Friday amid concerns over Iran supply disruptions and fresh sanctions news
- Upcoming checkpoints include U.S. inventory figures on Jan. 28 and earnings reports from Big Oil on Jan. 30
U.S. energy shares climbed Friday, boosted by a surge in crude prices ahead of the weekend. The Energy Select Sector SPDR Fund (XLE), which tracks S&P 500 energy firms, ended up 0.6% at $49.19. (StockAnalysis)
The S&P 500 Energy sector index rose 0.6%, outpacing the sluggish broader market as the S&P 500 inched up just 0.1% on the day. This divergence is significant for money managers, who have once again been leaning on energy as a rough stand-in for crude prices, for better or worse. (Yahoo Finance)
Crude took the lead in today’s rally. Brent, the global benchmark, climbed 2.8% to finish at $65.88 a barrel. U.S. West Texas Intermediate (WTI) jumped 2.9% to $61.07, boosted by Washington’s stepped-up pressure on Iran and warnings about warship deployments. Both benchmarks notched weekly gains exceeding 2.5%. (Reuters)
Exxon Mobil gained 1.0%, closing at $134.97. Chevron barely moved, edging up 0.04% to $166.72. (Yahoo Finance)
Oilfield services stocks showed a mixed picture. SLB, the biggest player in the sector, beat quarterly profit forecasts, raised its dividend, and said it could boost operations in Venezuela if licensing and compliance issues clear. However, it also cautioned about a seasonal dip in the first quarter. Shares slipped 0.3% to end at $49.15. (Reuters)
Supply signals shifted late in the week. Baker Hughes reported U.S. oil and gas rigs rose by one, reaching 544, though that’s still down 5.6% from last year. The Energy Information Administration projects U.S. crude production to dip slightly in 2026, falling to around 13.59 million barrels per day from a record 13.61 million in 2025. (Reuters)
The market’s been driven by headlines, and the swings cut both ways. Oil dropped about 2% Thursday. Ole Hansen, Saxo Bank’s chief commodity analyst, pointed to “a deflation of risk premium related to the Greenland debacle” and said Iran supply risks have eased. IG’s Tony Sycamore added prices should stay “at around $60.” The session also saw a surprising 3.6 million-barrel build in U.S. crude stocks for the week ending Jan. 16, according to Reuters. (Reuters)
Cash equities are closed for the weekend, leaving Monday’s outlook straightforward: will crude stay supported, and can energy stocks maintain their linkage? Any new developments from Iran or Kazakhstan on supply could quickly shift the picture.
The first key event hits midweek. On Jan. 28, the EIA releases its Weekly Petroleum Status Report, offering traders fresh data on inventories and refinery operations following recent swings. (U.S. Energy Information Administration)
Rates remain in focus this week. The Federal Reserve holds its two-day policy meeting Jan. 27–28, with the rate decision and press conference scheduled for Jan. 28. This event could shake up the dollar and risk sentiment, influencing crude prices as well. (Federal Reserve)
Next up: earnings. Exxon plans to release its Q4 2025 results on Jan. 30 at 8:30 a.m. CST, while Chevron follows with its call the same day at 11:00 a.m. EST. (Exxon Mobil Corporation)
Producers are set to update their spending, buyback, and dividend strategies once crude climbs past $60. The next key data comes sooner: the EIA’s inventory report, out at 10:30 a.m. Eastern on Wednesday, Jan. 28. (U.S. Energy Information Administration)
