01:38 PM EDT, 05/24/2024 (MT Newswires) -- Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 0.5% and the Energy Select Sector SPDR Fund (XLE) up 0.1%.

The Philadelphia Oil Service Sector index was adding 0.2%, and the Dow Jones US Utilities index climbed 0.2%.

Front-month West Texas Intermediate crude oil was rising 1.3% to $77.88 a barrel while the global benchmark Brent crude contract was advancing 1% to $82.19 a barrel. Henry Hub natural gas futures slumped 3.8% to $2.56 per 1 million BTU.

In corporate news, Martin Midstream Partners ( MMLP ) said Friday that Martin Resource Management has made a non-binding proposal to buy all of the units of Martin Midstream Partners ( MMLP ) it doesn't already own for $3.05 per unit in cash. Martin Midstream ( MMLP ) shares rose 3.7% in recent trading.