01:41 PM EST, 01/30/2025 (MT Newswires) -- Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index rising 0.8% and the Energy Select Sector SPDR Fund (XLE) up 0.6%.

The Philadelphia Oil Service Sector index increased 0.2%, and the Dow Jones US Utilities index climbed 1.8%.

Front-month West Texas Intermediate crude oil was rising 0.4% to $72.92 a barrel while the global benchmark Brent crude contract was advancing 0.5% to $76.94 a barrel. Henry Hub natural gas futures fell 2.2% to $3.10 per 1 million BTU.

US natural gas stocks fell by 321 billion cubic feet in the week ended Jan. 24, a larger drop than the 314 billion decrease expected in a survey compiled by Bloomberg and following a decrease of 223 billion cubic feet in the previous week.

In corporate news, Shell (SHEL) and Thebe Investment are close to resolving a valuation dispute, clearing the way for the sale of Shell's downstream assets in South Africa for up to $1 billion, Bloomberg reported. Separately, Shell said it has launched a $3.5 billion stock buyback plan for a total contract term of about three months to reduce its issued share capital. The firm also reported lower Q4 adjusted earnings and revenue. Its shares were rising 3.1%.