01:27 PM EDT, 07/25/2024 (MT Newswires) -- Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index rising 1.3% and the Energy Select Sector SPDR Fund (XLE) climbing 1.8%.

The Philadelphia Oil Service Sector index gained 4%, while the Dow Jones US Utilities index shed 0.2%.

Front-month West Texas Intermediate crude oil was rising 0.7% to $78.16 a barrel while the global benchmark Brent crude contract was advancing 0.5% to $82.10 a barrel.

US natural gas stocks rose by 22 billion cubic feet in the week ended July 19, above the 11 billion increase expected in a survey compiled by Bloomberg.

Henry Hub natural gas futures slumped 2.4% to $2.07 per 1 million BTU.

In corporate news, Helmerich & Payne (HP) shares jumped nearly 11% after the company struck a deal to buy drilling firm KCA Deutag International and reported better-than-expected fiscal Q3 results.