01:28 PM EDT, 05/08/2025 (MT Newswires) -- Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index rising 1.8% and the Energy Select Sector SPDR Fund (XLE) climbing 2%.

The Philadelphia Oil Service Sector index popped 3%, and the Dow Jones US Utilities index was up 0.1%.

Front-month West Texas Intermediate crude oil was rising 3.2% to $59.90 a barrel, and the global benchmark Brent crude contract was advancing 2.8% to $62.85 a barrel. Henry Hub natural gas futures were 1.6% lower at $3.56 per 1 million BTU.

US natural gas stocks rose by 104 billion cubic feet in the week ended May 2, above the 100 billion increase expected in a survey compiled by Bloomberg and following an increase of 107 billion cubic feet in the previous week.

In corporate news, ConocoPhillips ( COP ) shares rose 2.5% after

the company reported an increase in Q1 adjusted earnings. It also said Chief Financial Officer W.L. Bullock will retire and be succeeded by Andy O'Brien on June 1.