01:24 PM EDT, 05/28/2026 (MT Newswires) -- Energy stocks were slightly higher Thursday afternoon, with the NYSE Energy Sector Index increasing 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.2%.

The Philadelphia Oil Service Sector Index was falling 1.4%, and the Dow Jones US Utilities Index shed 0.3%.

Front-month West Texas Intermediate crude oil was fractionally higher at $88.69 a barrel, and the global benchmark Brent crude contract was dropping 1% to $93.36 a barrel. Henry Hub natural gas futures rose 5% to $3.04 per 1 million BTU.

In corporate news, BP (BP) will become operator of Azerbaijan's offshore Babek natural gas field under an agreement expected to be announced with state energy company SOCAR on June 1, Reuters reported. BP shares were down 0.4%.