01:31 PM EDT, 05/16/2024 (MT Newswires) -- Energy stocks were lower Thursday afternoon, with the NYSE Energy Sector Index decreasing 0.5% and the Energy Select Sector SPDR Fund (XLE) down 0.2%.

The Philadelphia Oil Service Sector Index was posting a 0.5% decline, while the Dow Jones US Utilities Index added 0.2%.

Front-month West Texas Intermediate crude oil was rising 0.6% to $79.11 a barrel while the global benchmark Brent crude contract was advancing 0.5% to $83.12 a barrel.

US natural gas stocks rose by 70 billion cubic feet in the week ended May 10, a smaller gain than the 77 billion increase expected in a Bloomberg survey and following an increase of 79 billion cubic feet in the previous week. Stocks at 2.633 trillion cubic feet are 19% higher than in the comparable week a year ago and 30.8% above their 5-year average.

Henry Hub natural gas futures spiked 3% to $2.49 per 1 million BTU.

In corporate news, Crescent Energy ( CRGY ) and SilverBow Resources ( SBOW ) have signed a deal under which Crescent will buy SilverBow for $2.1 billion. SilverBow shares surged almost 12% and Crescent was falling 8%.