03:19 PM EST, 01/02/2025 (MT Newswires) -- Energy stocks climbed late Thursday afternoon with the NYSE Energy Sector Index rising 1% and the Energy Select Sector SPDR Fund (XLE) up 0.9%.

The Philadelphia Oil Service Sector index gained 1.9%, and the Dow Jones US Utilities index added 0.5%.

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

West Texas Intermediate crude oil rose 2.1% to $73.22 a barrel, while global benchmark Brent advanced 1.8% to $75.98 a barrel. Henry Hub natural gas futures gained 0.9% to $3.66 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, Nova Minerals ( NVA ) completed the sale of the 6.6 million shares it owned in Snow Lake Resources ( LITM ) for gross proceeds of $6.7 million. Nova shares rose 4.6% and Snow Lake fell 4.6%.