01:48 PM EDT, 10/01/2024 (MT Newswires) -- Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 2.3% and the Energy Select Sector SPDR Fund (XLE) adding 2.2%.

The Philadelphia Oil Service Sector index popped 2.8%, and the Dow Jones US Utilities index was up 0.5%.

Front-month West Texas Intermediate crude oil jumped 4.3% to $71.13 a barrel while the global benchmark Brent crude contract gained 4.2% to $74.69 a barrel. Henry Hub natural gas futures decreased 0.4% to $2.91 per 1 million BTU.

In corporate news, APA (APA) said its APA Suriname 58 unit has made a final investment decision for offshore oil development in Block 58 Suriname in a joint venture with TotalEnergies' (TTE) Suriname unit. APA jumped 4.4% and TotalEnergies rose 1.7%.

Delek Logistics Partners ( DKL ) shares added 0.2%. The company said it has executed a 12-year acreage dedication & crude oil gathering agreement for an additional 50,000 acres with an independent oil and gas producer.

Chesapeake Energy ( CHK ) and Southwestern Energy ( SWN ) said that they have completed their merger and will rebrand the combined entity as Expand Energy, which will trade on Nasdaq under the ticker EXE.