03:45 PM EDT, 03/25/2024 (MT Newswires) -- Energy stocks were advancing late Monday afternoon, with the NYSE Energy Sector Index adding 1% and the Energy Select Sector SPDR Fund (XLE) up 0.9%.

The Philadelphia Oil Service Sector index was climbing 1.4% while the Dow Jones US Utilities index was increasing 0.4%.

Front-month West Texas Intermediate crude oil was rising 1.8% to $82.06 a barrel while the global benchmark Brent crude contract was advancing 1.6% to $86.80 a barrel. Henry Hub natural gas futures were 3% lower at $1.61 per 1 million BTU.

In corporate news, Woodside Energy ( WDS ) is negotiating better financial terms from the Trinidad and Tobago government before agreeing to develop the Calypso deepwater natural gas project in the country, Reuters reported Friday, citing Chief Executive Meg O'Neill. Woodside shares added 1.7%.

Exxon Mobil ( XOM ) and Japan's JERA plan to explore the development of a low-carbon hydrogen and ammonia production project in the US. Exxon rose 1.2%.

Shell's (SHEL) 27.5% previously held stake in Sakhalin liquefied natural gas project will be sold to a unit of Russia's state-owned Gazprom for 94.8 billion rubles ($1.02 billion), multiple news outlets reported Monday. Shell was rising 0.8%.

Vaalco Energy ( EGY ) shares jumped more than 13% after it said Monday that Equatorial Guinea's government has approved the joint operating agreement for the development and production on the offshore Venus-Block P Plan of Development.