01:29 PM EDT, 03/28/2024 (MT Newswires) -- Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index rising 0.8% and the Energy Select Sector SPDR Fund (XLE) up 0.9%.

The Philadelphia Oil Service Sector index was posting a 0.9% increase and the Dow Jones US Utilities index was rising 0.5%.

Front-month West Texas Intermediate crude oil was rising 1.7% to $82.72 a barrel while the global benchmark Brent crude contract was advancing 1.4% to $86.62 a barrel.

US natural gas stocks fell by 36 billion cubic feet in the week ended March 22, a larger decline than the 27 billion drop expected in a survey compiled by Bloomberg as of 7:45 am ET and following an increase of 7 billion cubic feet in the previous week.

Henry Hub natural gas futures were 1.3% higher at $1.74 per 1 million BTU.

In corporate news, SilverBow Resources ( SBOW ) shares slumped 1.9% after the company said Thursday that a potential deal between the company and Kimmeridge Texas Gas proposed by Kimmeridge Energy Management "substantially undervalues" SilverBow.