01:26 PM EST, 01/02/2025 (MT Newswires) -- Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index rising 1.1% and the Energy Select Sector SPDR Fund (XLE) up 0.7%.

The Philadelphia Oil Service Sector index climbed 1.6%, and the Dow Jones US Utilities index was adding 0.4%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 900,000 barrels in the week ended Dec. 27 following a decrease of 4 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks declined by 1.2 million barrels after a 4.2 million barrel drop in the previous week, compared with the 2.5 million barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was rising 2.2% to $73.27 a barrel while the global benchmark Brent crude contract was advancing 1.9% to $76.04 a barrel. Henry Hub natural gas futures were 1.1% higher at $3.67 per 1 million BTU.

In sector news, President Joe Biden is preparing to issue an executive order permanently barring new offshore oil and gas development in some US coastal waters, Bloomberg reported.

In corporate news, Constellation Energy ( CEG ) shares jumped past 5% after it said Thursday it was awarded an $840 million contract to supply power to more than 13 federal government agencies.