03:53 PM EDT, 08/19/2024 (MT Newswires) -- Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index rising 0.7% and the Energy Select Sector SPDR Fund (XLE) adding 0.5%.

The Philadelphia Oil Service Sector Index increased 0.2%, and the Dow Jones US Utilities Index was up 0.5%.

Front-month West Texas Intermediate crude oil dropped 2.9% to $74.42 a barrel while the global benchmark Brent crude contract fell 2.5% to $77.69 a barrel. Henry Hub natural gas futures jumped 5% to $2.23 per 1 million BTU.

In corporate news, New Fortress Energy ( NFE ) shares rose 0.7% after it said Monday its Fast LNG 1 unit in Mexico resumed production after a scheduled maintenance outage.

NiSource ( NI ) shares added 0.7% after its Northern Indiana Public Service unit said Monday that the Cavalry solar energy project in Indiana is operational.

Occidental (OXY) said Monday it has cut about $3 billion of debt in Q3 and expects to eliminate further debt by the end of the quarter. Its shares were shedding 0.5%.

APA (APA) is looking into the sale of oil and gas drilling properties across the Permian basin in Texas and New Mexico for about $1 billion, Reuters reported Monday. APA shares were rising 0.1%.