01:28 PM EST, 12/19/2024 (MT Newswires) -- Energy stocks were lower Thursday afternoon, with the NYSE Energy Sector Index decreasing 0.4% and the Energy Select Sector SPDR Fund (XLE) shedding 0.8%.

The Philadelphia Oil Service Sector index declined 1%, and the Dow Jones US Utilities index rose 1.3%.

Front-month West Texas Intermediate crude oil was down 0.8% at $70.02 a barrel while the global benchmark Brent crude contract was shedding 0.7% to $72.85 a barrel.

US natural gas stocks fell by 125 billion cubic feet in the week ended Dec. 13, compared with the 126 billion decrease expected in a survey compiled by Bloomberg and following a decrease of 190 billion cubic feet in the previous week.

Henry Hub natural gas futures jumped 3.8% to $3.50 per 1 million BTU.

In corporate news, Trio Petroleum ( TPET ) shares soared 118%. The company said Thursday it agreed to buy a 100% working interest in oil and gas assets held by Novacor Exploration in the Canadian province Saskatchewan's Lloydminster heavy oil region for about 2 million Canadian dollars ($1.4 million).