01:45 PM EDT, 10/07/2024 (MT Newswires) -- Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index adding 0.9% and the Energy Select Sector SPDR Fund (XLE) up 0.8%.

The Philadelphia Oil Service Sector index was posting a 0.2% increase, while the Dow Jones US Utilities index was falling 1.7%.

Front-month West Texas Intermediate crude oil was rising 3.6% to $77.03 a barrel while the global benchmark Brent crude contract was advancing 3.5% to $80.75 a barrel. Henry Hub natural gas futures slumped 4.9% to $2.71 per 1 million BTU.

In corporate news, Chevron ( CVX ) is offloading some of its Canadian assets and interests as it continues plans to slim down its global energy portfolio through divestments, it said Monday. The oil giant's subsidiary Chevron Canada agreed to sell its 20% non-operated interest in the Athabasca Oil Sands Project and a 70% operated interest in the Duvernay shale to Canadian Natural Resources (CNQ) for $6.5 billion in cash. Chevron ( CVX ) shares added 0.8%.

Duke Energy ( DUK ) warned Sunday of possible power outages and equipment damage for its Florida service area ahead of Tropical Storm Milton. Duke shares were falling 2.5%.

Equinor ( EQNR ) shares were falling 3.1% after it said Monday it has acquired 41.2 million shares or a 9.8% stake worth $2.5 billion in Orsted.