01:29 PM EDT, 09/12/2024 (MT Newswires) -- Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each rising about 1%.

The Philadelphia Oil Service Sector index climbed 1.2%, and the Dow Jones US Utilities index was up 0.2%.

Front-month West Texas Intermediate crude oil was rising 2.9% to $69.29 a barrel while the global benchmark Brent crude contract was advancing 2.4% to $72.33 a barrel. Henry Hub natural gas futures jumped 4.6% $2.37 per 1 million BTU.

US natural gas stocks rose by 40 billion cubic feet in the week ended Sept. 6, below the 48 billion increase expected in a survey compiled by Bloomberg and following an increase of 13 billion cubic feet in the previous week.

In corporate news, CN Energy ( CNEY ) shares plunged 44% after the company said late Wednesday that it has been notified that it's not in compliance with Nasdaq's minimum market value rule.