01:32 PM EDT, 05/30/2024 (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 0.1%.

The Philadelphia Oil Service Sector Index was posting a 0.7% increase, and the Dow Jones US Utilities Index was adding 0.9%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.7 million barrels in the week ended May 24, following an increase of 2.8 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 4.2 million barrels after a 1.8 million-barrel gain in the previous week, a larger drop than the 1.8 million-barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was declining 2% to $77.64 a barrel while the global benchmark Brent crude contract was dropping 2% to $81.89 a barrel.

US natural gas stocks rose by 84 billion cubic feet in the week ended May 24, larger than the 77 billion-cubic-foot increase expected in a survey compiled by Bloomberg and following an increase of 78 billion cubic feet in the previous week. Stocks at 2.795 trillion cubic feet are 15.7% higher than in the comparable week a year ago and 26.5% above their 5-year average.

Henry Hub natural gas futures were 2% lower at $2.61 per 1 million BTU.

In corporate news, Clean Energy Fuels ( CLNE ) signed an agreement to provide ultra-clean renewable natural gas for 39 of Cemex US' ready-mix and cement bulk trucks in Southern California, the companies said Thursday. Clean Energy shares jumped 8%.