By Steve Goldstein
Oil and gas producers gained ground on Monday to lead European stocks higher.
The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.74% rose 0.7% to 469.75, with advancers including automaker Daimler /zigman2/quotes/201850364/delayed XE:DAI +0.52% , electricity operator National Grid /zigman2/quotes/208805676/delayed UK:NG -0.47% and oil producer TotalEnergies /zigman2/quotes/206172043/delayed FR:TTE +1.50% .
Crude futures /zigman2/quotes/211629951/delayed CL.1 +1.66% gained ground, and analysts at Bank of America said $100 prices could be reached depending on how cold the next winter will be . Wholesale power prices jumped in the U.K., as wind power has been weak.
Cyclical stocks more broadly enjoyed strong demand, with the construction and materials sector and financials also advancing.
Of the major regional indexes, the German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.81% surged 1.1%, the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.63% increased 0.8% and the U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.37% increased 0.8%.
Valneva /zigman2/quotes/202377434/delayed FR:VLA 0.00% was an exception, slumping over 30% as the U.K. ended its €1.4 billion order for its coronavirus vaccine candidate.