03:29 PM EDT, 05/13/2024 (MT Newswires) -- Energy stocks were lower late Monday afternoon, with the NYSE Energy Sector Index easing 0.1% and the Energy Select Sector SPDR Fund (XLE) decreasing 0.2%.

The Philadelphia Oil Service Sector Index was rising 0.4%, and the Dow Jones US Utilities Index was fractionally higher.

Front-month West Texas Intermediate crude oil rose 1.1% to $79.14 a barrel while the global benchmark Brent crude contract advanced 0.7% to $83.38 a barrel. Henry Hub natural gas futures jumped 5.1% to $2.37 per 1 million BTU.

In corporate news, proxy adviser Institutional Shareholders Services recommended that Hess (HES) shareholders abstain from voting on Chevron's ( CVX ) proposed $53 billion acquisition of the company, according to media reports. Chevron ( CVX ) shares fell nearly 1% and Hess was down 0.7%.