01:49 PM EST, 11/18/2024 (MT Newswires) -- Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 1.3% and the Energy Select Sector SPDR Fund (XLE) climbing 1.4%.

The Philadelphia Oil Service Sector index was gaining 1.6%, and the Dow Jones US Utilities index was adding 1.3%.

Front-month West Texas Intermediate crude oil was rising 2.9% to $69.00 a barrel while the global benchmark Brent crude contract was advancing 2.9% to $73.10 a barrel. Henry Hub natural gas futures jumped 4.1% to $2.94 per 1 million BTU.

In corporate news, DTE Energy ( DTE ) said Monday it is investing over $100 million to build three new electric substations across Michigan. Its shares rose 0.8%.

Liberty Energy (LBRT) shares jumped 5.7% after the company said it plans to appoint William Kimble as non-executive board chairman and Ron Gusek as chief executive officer, should Liberty's founder Chris Wright become the US energy secretary.

Prairie (PROP) said it has signed multiple midstream and gathering deals with Rimrock Energy Partners, NGL Energy Partners, and Taproot Energy Partners in the Denver-Julesburg basin. Its shares were shedding 0.8%.