01:46 PM EST, 01/16/2025 (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 0.5%.

The Philadelphia Oil Service Sector index was posting a 1% decline, and the Dow Jones US Utilities index climbed 2.2%.

Front-month West Texas Intermediate crude oil was declining 1.3% to $77.69 a barrel while the global benchmark Brent crude contract was down 1.1% at $81.14 a barrel.

US natural gas stocks fell by 258 billion cubic feet in the week ended Jan. 10, slightly below the 259 billion decrease expected in a survey compiled by Bloomberg and following a decrease of 40 billion cubic feet in the previous week.

Henry Hub natural gas futures were 3.1% higher at $4.21 per 1 million BTU.

In corporate news, Equinor ( EQNR ) and Standard Lithium ( SLI ) said Thursday that the US Department of Energy has finalized the $225 million grant for the South West Arkansas Lithium project. Equinor ( EQNR ) shares were down about 2% and Standard Lithium ( SLI ) jumped past 7%.

Chevron ( CVX ) shares added 0.7%. Brightmark RNG, a joint venture between Chevron USA and Brightmark Fund, said it has started gas production at 10 renewable natural gas projects in the Midwest, bringing its total operational projects in the region to 15.

BP (BP) confirmed in an email to MT Newswires that it plans to cut about 4,700 positions internally and 3,000 contractor jobs. Its shares rose 1.3%.