Stocks were modestly higher in early trading Monday, pushed by energy companies who have seen record electricity prices due to the frigid cold weather impacting much of the country
The S&P 500 index was up 0.3% as of 9:55 a.m. Eastern, with energy companies accounting for a big part of the gains. The top 10 biggest gainers included companies like Marathon Oil, Occidental Petroleum, Marathon Petroleum and Diamondback Energy, all up 3% or more.
The Dow Jones Industrial Average was up 0.4% and the Nasdaq Composite index was up 0.4%.
Energy prices rose sharply, as record demand for heating across much of the frigid Midwest and Texas has pushed electricity prices higher. Prices for natural gas, which is the country’s primary way to produce quick “on-demand” electricity when needed, was up 7% in early trading to its highest level since November, when hurricane season impacted some natural gas production along the Gulf Coast.
Heating oil prices were up 2%, much less than natural gas, since it’s primarily used in the Northeast in older boilers to heat homes. The Northeast hasn’t seen unreasonable temperatures for this time of the year.
Much of Asia remains closed in observance of the Lunar New Year.