01:29 PM EDT, 08/12/2024 (MT Newswires) -- Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 0.5% and the Energy Select Sector SPDR Fund (XLE) up 0.1%.

The Philadelphia Oil Service Sector index was posting a 0.7% increase, while the Dow Jones US Utilities index was decreasing 0.2%.

Front-month West Texas Intermediate crude oil was rising 2.9% to $79.06 a barrel while the global benchmark Brent crude contract was advancing 2.3% to $81.46 a barrel. Henry Hub natural gas futures were 2% higher at $2.19 per 1 million BTU.

In corporate news, Hawaiian Electric Industries ( HE ) shares tumbled past 14%. The company late Friday released a going concern warning, saying it has no financing plan yet to address the payment of the $1.71 billion Maui windstorm and wildfire settlement accrued in Q2.