01:21 PM EDT, 04/12/2024 (MT Newswires) -- Energy stocks were declining Friday afternoon, with the NYSE Energy Sector Index decreasing 0.4% and the Energy Select Sector SPDR Fund (XLE) down 0.8%.

The Philadelphia Oil Service Sector index was posting about a 3% drop, and the Dow Jones US Utilities index shed 0.9%.

Front-month West Texas Intermediate crude oil was rising 1% to $85.91 a barrel while the global benchmark Brent crude contract was advancing nearly 1% to $90.61 a barrel. Henry Hub natural gas futures decreased 0.06% to $1.76 per 1 million BTU.

In corporate news, Spire (SR) earnings growth is poised to top consensus estimates with the company positioned to operate in a "more stable and predictable manner," UBS Securities said Friday in a report. UBS initiated coverage of the company with a buy rating and a 12-month price target of $68. Spire shares added 0.3%.