01:27 PM EDT, 08/22/2024 (MT Newswires) -- Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index edging up 0.1% and the Energy Select Sector SPDR Fund (XLE) adding 0.5%.

The Philadelphia Oil Service Sector index was posting a 0.3% decline, and the Dow Jones US Utilities index was down 0.3%.

Front-month West Texas Intermediate crude oil was rising 1.8% to $73.22 a barrel while the global benchmark Brent crude contract was advancing 1.8% to $77.38 a barrel. Henry Hub natural gas futures tumbled 4.9% to $2.07 per 1 million BTU.

US natural gas stocks rose by 35 billion cubic feet in the week ended Aug. 16, above the 25 billion increase expected in a survey compiled by Bloomberg and following a decrease of 6 billion cubic feet in the previous week.

In corporate news, SolarBank ( SUUN ) shares rose 2.4% after the company said it plans to develop a 6.4-megawatt DC ground mount solar power project in East Bloomfield, New York.