01:30 PM EDT, 04/04/2024 (MT Newswires) -- Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index rising 0.4% and the Energy Select Sector SPDR Fund (XLE) up 0.3%.

The Philadelphia Oil Service Sector index was shedding 0.1%, while the Dow Jones US Utilities index added 0.2%.

Front-month West Texas Intermediate crude oil was declining 0.4% to $85.12 a barrel while the global benchmark Brent crude contract was shedding 0.2% to $89.20 a barrel.

US natural gas stocks declined by 37 billion cubic feet in the week ended March 29, a smaller drop than the 42 billion decrease expected in a survey compiled by Bloomberg as of 7:45 am ET and following a decrease of 36 billion cubic feet in the previous week.

Henry Hub natural gas futures slumped 3.1% to $1.78 per 1 million BTU.

In corporate news, Petrobras (PBR) Chief Executive Jean Paul Prates is seeking to shore up support from Brazilian President Luiz Inacio Lula da Silva to continue in his position but may leave the company if he is unable to do so, according to media reports Thursday. The company's shares were rising 2.6%.