01:29 PM EDT, 05/29/2025 (MT Newswires) -- Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index up 0.1% and the Energy Select Sector SPDR Fund (XLE) adding 0.2%.

The Philadelphia Oil Service Sector index rose 0.4%, and the Dow Jones US Utilities index advanced 0.7%.

Front-month West Texas Intermediate crude oil was declining 1.6% to $60.88 a barrel, and the global benchmark Brent crude contract was dropping 1.3% to $64.04 a barrel.

US natural gas stocks rose by 101 billion cubic feet in the week ended May 23, above the 100 billion increase expected in a survey compiled by Bloomberg and following an increase of 120 billion cubic feet in the previous week.

Henry Hub natural gas futures fell 2.3% to $3.48 per 1 million BTU.

In corporate news, Chevron ( CVX ) is planning to lay off about 800 workers in Texas, effective July 15, as part of a broader global workforce reduction effort, Reuters reported, citing a notice to the Texas Workforce Commission. Chevron ( CVX ) shares rose 0.8%.