01:35 PM EDT, 06/13/2024 (MT Newswires) -- Energy stocks were lower Thursday afternoon, with the NYSE Energy Sector Index decreasing 1.1% and the Energy Select Sector SPDR Fund (XLE) down 0.6%.

The Philadelphia Oil Service Sector index was posting a 2.2% drop, and the Dow Jones US Utilities index was fractionally higher.

Front-month West Texas Intermediate crude oil was rising 0.2% to $78.62 a barrel and the global benchmark Brent crude contract was advancing 0.2% to $82.75 a barrel.

US natural gas stocks rose by 74 billion cubic feet in the week ended June 7, above the 72 billion gain expected in a survey compiled by Bloomberg as of 7:40 am ET and following a downwardly revised increase of 96 billion cubic feet in the previous week. Stocks at 2.974 trillion cubic feet are 13.9% higher than in the comparable week a year ago and 23.9% above their 5-year average.

Henry Hub natural gas futures dropped 2.8% to $2.96 per 1 million BTU.

In corporate news, Greenfire Resources ( GFR ) shares added 3.8% as BMO Capital Markets started coverage of the company with an outperform rating and $10.50 target price.