SECTOR COMMENTARY

Energy stocks closed higher, outperforming the broader markets as several subgroups experienced strong rallies. The drillers led the way on the upside paced by Transocean Ltd., which posted a 5.3% gain due to its settlement with the Department of Justice. The integrateds and refiners were relative laggards, but still closed in positive territory. The broader markets drifted higher throughout the day as investors reacted to the December non-farm payrolls report, which was roughly in-line with expectations.

Money managers raised their net long U.S. crude futures and options positions ...