03:22 PM EDT, 08/08/2024 (MT Newswires) -- Energy stocks were higher late Thursday afternoon, with the NYSE Energy Sector Index rising 2% and the Energy Select Sector SPDR Fund (XLE) gaining 2.1%.

The Philadelphia Oil Service Sector index was climbing 2.4%, and the Dow Jones US Utilities index was up 0.7%.

Front-month West Texas Intermediate crude oil rose 1% to $76.01 a barrel while the global benchmark Brent crude contract advanced 0.9% to $79 a barrel.

US natural gas stocks rose by 21 billion cubic feet in the week ended Aug. 2, below the 25 billion increase expected in a survey compiled by Bloomberg and following an increase of 18 billion cubic feet in the previous week.

Henry Hub natural gas futures were 0.9% higher at $2.13 per 1 million BTU.

In corporate news, Marathon Oil (MRO) shares jumped 5%. The company reported late Wednesday Q2 net sales of $6.88 billion, up from $6.73 billion a year earlier. Analysts surveyed by Capital IQ expected $6.65 billion.