03:46 PM EDT, 06/17/2024 (MT Newswires) -- Energy stocks were advancing late Monday afternoon, with the NYSE Energy Sector Index rising 0.4% and the Energy Select Sector SPDR Fund (XLE) gaining 0.5%.

The Philadelphia Oil Service Sector index climbed 2.3%, and the Dow Jones US Utilities index was shedding 0.8%.

Front-month West Texas Intermediate crude oil rose 2.7% to $80.59 a barrel while the global benchmark Brent crude contract advanced 2.3% to $84.50 a barrel. Henry Hub natural gas futures dropped 3.1% to $2.79 per 1 million BTU.

In corporate news, PG&E ( PCG ) shares were down 2.1% as Barclays cut the company's price target to $21 from $22 and kept the overweight rating.

ONEOK ( OKE ) shares added 1.6% after the company said Monday it completed its acquisition of a system of natural gas liquids pipelines from Easton Energy for about $280 million.

Public Service Enterprise ( PEG ) shares rose 1% as Guggenheim upgraded the company to buy from neutral and raised its price target to $82 from $72.