The day at a glance · 5 sections · 2 min read
Market mood
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Sentiment, −100 to +100
Daily briefEnergy· Money365.Market AI ·
Energy Stocks Mixed as Refinery Incidents Cloud Rally
Oil majors gain on geopolitical concerns while Valero faces explosion fallout
Energy Market Overview
Energy stocks traded mixed Wednesday afternoon with the NYSE Energy Sector Index up 0.1%. WTI crude remains near $90, up from $57 at the start of the year, representing a rise of over 40% since the February 28 Iran war began. Oil prices continue to fluctuate with news flow from the Middle East as executives privately express frustration with administration messaging about the duration of energy market disruption.
Oil & Gas Majors
$CVX has emerged as a safe-haven trade in the volatile energy market, with the stock performing strongly since late February as oil prices surged. $COP traded at $129.35 and has posted returns of 5.3% over 7 days, 17.0% over 30 days, and 33.8% year-to-date, though analysts note the company and peers face pressure from high crude prices and the renewables shift. $DVN received a price target lift from TD Cowen to $50 from $46 on March 17, though the stock has climbed over 37% this quarter into overbought territory.
Utilities & Power Generation
Constellation Energy is positioned as a dominant US nuclear power producer and key supplier for AI-driven data center growth, according to recent analysis. $DUK announced that storm cost recovery charges have been removed from Florida customer bills as of February, dropping residential bills approximately $44 for every 1,000 kWh, with additional bill assistance resources available for eligible customers facing payment challenges.
Refining & Infrastructure
$VLO faces a lawsuit seeking over $1 million in damages after a worker was injured in an explosion at the company's Port Arthur, Texas refinery on Monday night, with the suit alleging the company failed to properly maintain the refinery. The company has been forced to take its largest refinery offline during a war-related energy supply shortage. $PSX and Kinder Morgan extended the second open season for the proposed Western Gateway refined products pipeline earlier in March, giving shippers until April 15 to evaluate updated transportation agreements and remaining capacity into the Los Angeles market.
Energy Technology & Services
$SLB settled at $51.89, up 2.73% from its previous close, and announced that CNOOC awarded its OneSubsea joint venture a multi-well integrated EPC contract covering 20 wells on March 17. The company is expanding its AI infrastructure collaboration with NVIDIA to develop modular AI factories and industrial-scale agentic AI solutions designed to turn operational and energy-specific data into actionable insights for lower carbon operations.
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