03:38 PM EDT, 08/12/2024 (MT Newswires) -- Energy stocks were rising late Monday afternoon, with the NYSE Energy Sector Index adding 0.8% and the Energy Select Sector SPDR Fund (XLE) up 0.4%.

The Philadelphia Oil Service Sector index gained 1%, while the Dow Jones US Utilities index decreased 0.2%.

West Texas Intermediate crude oil spiked 3.9% to $79.86 per barrel, while global benchmark Brent climbed 3.1% to $82.10 per barrel. Henry Hub natural-gas futures rose 1.3% to $2.17 per 1 million BTU.

In market news, the Organization of the Petroleum Exporting Countries lowered its 2024 and 2025 global oil demand forecasts on Monday amid slowing growth prospects in China this year. In its monthly oil report for August, the cartel reduced its oil demand growth forecast by 135,000 barrels of oil per day to 2.11 million barrels a day.

In corporate news, Vistra's ( VST ) TXU Energy unit said Monday it's collaborating with Ford (F) to launch a free electric vehicle charging program for the carmakers' clients in Texas. Vistra ( VST ) shares were down 0.8%.

Hawaiian Electric Industries ( HE ) shares tumbled more than 15%. The company late Friday released a going-concern warning, saying it has no financing plan yet to address the payment of the $1.71 billion Maui windstorm and wildfire settlement accrued in Q2.

CenterPoint Energy ( CNP ) faces a probe for potential violations of Texas laws for its conduct during Hurricane Beryl, said Texas Attorney General Ken Paxton. CenterPoint shares were falling 1.5%.

Chevron ( CVX ) started oil and natural gas production at its Anchor semi-submersible floating production unit in the US Gulf. Its shares eased 0.2%.