01:28 PM EST, 12/30/2024 (MT Newswires) -- Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 0.6% and the Energy Select Sector SPDR Fund (XLE) up 0.4%.

The Philadelphia Oil Service Sector index was posting a 2% increase, while the Dow Jones US Utilities index shed 0.4%.

Front-month West Texas Intermediate crude oil was rising 1% to $71.30 a barrel while the global benchmark Brent crude contract was advancing 0.4% to $74.44 a barrel. Henry Hub natural gas futures jumped 15% to $3.92 per 1 million BTU.

In corporate news, Eni (E) shares rose 1.2% after the firm said it started production of phase 2 from the Baleine field in Cote d'Ivoire's offshore, raising the output to 60,000 barrels of oil per day and 70 million cubic feet of associated gas.