01:35 PM EDT, 05/31/2024 (MT Newswires) -- Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 1.5% and the Energy Select Sector SPDR Fund (XLE) adding 1.7%.

The Philadelphia Oil Service Sector index and the Dow Jones US Utilities index were each 1.6% higher.

Front-month West Texas Intermediate crude oil was declining 0.9% to $77.22 a barrel while the global benchmark Brent crude contract was down 0.7% to $81.29 a barrel. Henry Hub natural gas futures were fractionally higher at $2.57 per 1 million BTU.

In corporate news, PNM Resources ( PNM ) shares popped 2.3% after the company said Friday that the New Mexico Public Regulation Commission approved an application by its Public Service Company of New Mexico subsidiary for 410 megawatts of solar and battery storage capacity to be added by summer 2026.