03:45 PM EDT, 04/08/2024 (MT Newswires) -- Energy stocks were advancing late Monday afternoon, with the NYSE Energy Sector Index adding 0.2% and the Energy Select Sector SPDR Fund (XLE) fractionally higher.

The Philadelphia Oil Service Sector index shed 0.3%, while the Dow Jones US Utilities index was adding 0.4%.

Front-month West Texas Intermediate crude oil was declining 0.3% to $86.68 a barrel while the global benchmark Brent crude contract was dropping 0.6% to $90.66 a barrel. Henry Hub natural gas futures jumped 3.3% to $1.84 per 1 million BTU.

In corporate news, BP (BP) is nearing a deal to offload a portion of its oil and gas assets in Trinidad and Tobago to Anglo-French oil company Perenco, Reuters reported Monday. BP shares gained 1.3%.

TotalEnergies (TTE) shares added 1.4% as it said Monday it signed a preliminary agreement with Algerian state-owned oil company Sonatrach to conclude a hydrocarbon contract in the Timimoun region.

Sasol ( SSL ) jumped 7.3% after it said Monday that South Africa's minister of forestry, fisheries and the environment has upheld its appeal over sulfur dioxide emission regulation involving steam plants at its Secunda Operations.

AltC Acquisition ( ALCC ) shares soared nearly 23% after Oklo, with which it has a pending merger deal, announced a potential power supply collaboration. Oklo, a fission technology and nuclear fuel recycling company, said it signed a non-binding letter of intent to supply 50 megawatts to Diamondback Energy's operations in the Permian Basin.