01:46 PM EST, 12/30/2024 (MT Newswires) -- Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 0.7% and the Energy Select Sector SPDR Fund (XLE) up 0.3%.

The Philadelphia Oil Service Sector index posted a 1.9% increase, while the Dow Jones US Utilities index shed 0.5%.

Front-month West Texas Intermediate crude oil was rising 0.9% to $71.22 a barrel while the global benchmark Brent crude contract was advancing 0.4% to $74.45 a barrel. Henry Hub natural gas futures jumped 14.5% to $3.87 per 1 million BTU.

In corporate news, Eni (E) shares rose 1.2% after the firm said it started production of phase 2 from the Baleine field in Cote d'Ivoire's offshore, raising the output to 60,000 barrels of oil per day and 70 million cubic feet of associated gas.

Nano Nuclear Energy ( NNE ) shares tumbled past 7% after it reported a fiscal 2024 net loss Monday of $0.39 per share, widening from a loss of $0.28 a year earlier.

NextEra Energy (NEE) shares fell 1.1% after Evercore ISI lowered its price target to $84 from $87, while keeping the in line rating.