01:34 PM EDT, 05/02/2024 (MT Newswires) -- Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index up 1.1% and the Energy Select Sector SPDR Fund (XLE) rising 0.9%.

The Philadelphia Oil Service Sector index was posting a 1.8% increase, and the Dow Jones US Utilities index was fractionally higher.

Front-month West Texas Intermediate crude oil was rising 0.2% to $79.19 a barrel while the global benchmark Brent crude contract was advancing 0.5% to $83.86 a barrel.

US natural gas stocks rose by 59 billion cubic feet in the week ended April 26, slightly larger than the 58 billion cubic foot increase expected in a survey compiled by Bloomberg as of 7:35 am ET and following an increase of 92 billion cubic feet in the previous week.

Henry Hub natural gas futures jumped 5.6% to $2.04 per 1 million BTU.

In corporate news, the US Federal Trade Commission declined to challenge Exxon Mobil's ( XOM ) acquisition of Pioneer Natural Resources ( PXD ) but asserted that Scott Sheffield, Pioneer's co-founder and former chief executive officer, must not take a seat on the combined entity's board. Exxon shares were up 0.3% and Pioneer gained 1%.