01:36 PM EDT, 10/17/2024 (MT Newswires) -- Energy stocks were edging higher Thursday afternoon, with the NYSE Energy Sector Index rising 0.2% and the Energy Select Sector SPDR Fund (XLE) up 0.1% recently.

The Philadelphia Oil Service Sector index was posting a 0.8% decline, and the Dow Jones US Utilities index was shedding 0.6%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 1.2 million barrels in the week ended Oct. 11 following an increase of 6.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 2.2 million barrels after a 5.8-million-barrel gain in the previous week, compared with the 1.5-million-barrel increase expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was declining 0.4% to $70.08 a barrel while the global benchmark Brent crude contract was down 0.5% to $73.88 a barrel.

US natural gas stocks rose by 76 billion cubic feet in the week ended Oct. 11, smaller than the 80 billion gain expected in a survey compiled by Bloomberg and below an increase of 82 billion cubic feet in the previous week.

Henry Hub natural gas futures were 0.8% lower to $2.35 per 1 million BTU.

In corporate news, BHP's (BHP) Chief Executive Mike Henry met last week with South African government officials, sparking speculation that the Australian miner will revive its failed bid for Anglo American, the Financial Times reported Wednesday. BHP shares were slightly up.