01:22 PM EST, 12/09/2024 (MT Newswires) -- Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 1.2% and the Energy Select Sector SPDR Fund (XLE) up 0.7%.

The Philadelphia Oil Service Sector index climbed 1.4%, and the Dow Jones US Utilities index shed 0.9%.

Front-month West Texas Intermediate crude oil was rising 2% to $68.56 a barrel while the global benchmark Brent crude contract was advancing 1.7% to $72.32 a barrel. Henry Hub natural gas futures gained 3.8% to $3.19 per 1 million BTU.

In corporate news, California Resources ( CRC ) and its Carbon TerraVault unit said Monday that the latter will develop Net Power's ( NPWR ) ultra-low emission power plants in California under a memorandum of understanding. California Resources ( CRC ) shares jumped past 7% and Net Power ( NPWR ) was adding 1.3%.