01:46 PM EST, 01/06/2025 (MT Newswires) -- Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 0.5% and the Energy Select Sector SPDR Fund (XLE) up 0.1%.

The Philadelphia Oil Service Sector index added 0.4%, while the Dow Jones US Utilities index was shedding 0.6%.

Front-month West Texas Intermediate crude oil was declining 0.8% to $73.34 a barrel while the global benchmark Brent crude contract was down 0.6% to $76.02 a barrel. Henry Hub natural gas futures jumped 8.4% to $3.64 per 1 million BTU.

In sector news, President Joe Biden on Monday issued presidential memoranda restricting new offshore oil and gas drilling off the country's East and West Coasts, the eastern Gulf of Mexico, and parts of the Northern Bering Sea in Alaska.

In corporate news, SolarEdge Technologies ( SEDG ) shares surged 14%. The company said Monday it has signed safe harbor agreements with several residential solar installation and financing companies in the US, in addition to announcing its second sale of tax credits.

NextDecade ( NEXT ) said Monday its unit Rio Grande LNG Super signed a credit agreement for a $175 million loan with General Atlantic Credit's Atlantic Park Fund. NextDecade ( NEXT ) shares fell 1.6%.

Patterson-UTI Energy ( PTEN ) said Monday that it had an average of 104 drilling rigs operating in the US in December, and 105 operating for the quarter ended Dec. 31. Its shares added 0.7%.