03:46 PM EDT, 05/06/2024 (MT Newswires) -- Energy stocks rose late Monday afternoon, with the NYSE Energy Sector Index up 1.1% and the Energy Select Sector SPDR Fund (XLE) adding 0.9%.

The Philadelphia Oil Service Sector index climbed 1.2%, and the Dow Jones US Utilities index gained 0.3%.

West Texas Intermediate crude oil rose 0.7% to $78.69 a barrel, while global benchmark Brent crude advanced 0.5% to $83.35 a barrel. Henry Hub natural-gas futures jumped 2.7% to $2.20 per 1 million BTU.

In corporate news, Allete ( ALE ) will to be taken private by a partnership led by the Canada Pension Plan Investment Board and Global Infrastructure Partners in a deal worth $6.2 billion, including debt. Allete ( ALE ) shares fell 1.6%.

Northwest Natural ( NWN ) reported Q1 earnings of $1.69 per diluted share, down from $2.01 a year earlier. Analysts polled by Capital IQ expected $1.81. The stock dropped 2.2%.

Atlas Energy Solutions ( AESI ) shares rose 3.7%. The company reported lower-than-expected Q1 results while raising its dividend.

Exxon Mobil ( XOM ) Chief Executive Darren Woods said he sees arbitration with Chevron ( CVX ) over a Guyanese asset lasting into 2025. The companies still need to appoint a third arbitrator before they go into the discovery phase, Woods told CNBC in an interview. Exxon and Chevron ( CVX ) shares both gained 1.1%.