01:55 PM EDT, 06/13/2024 (MT Newswires) -- Energy stocks were lower Thursday afternoon, with the NYSE Energy Sector Index decreasing 0.9% and the Energy Select Sector SPDR Fund (XLE) down 0.6%.

The Philadelphia Oil Service Sector index was posting a 2.3% drop, and the Dow Jones US Utilities index was fractionally higher.

Front-month West Texas Intermediate crude oil was rising 0.2% to $78.68 a barrel and the global benchmark Brent crude contract was advancing 0.3% to $82.83 a barrel.

US natural gas stocks rose by 74 billion cubic feet in the week ended June 7, above the 72 billion gain expected in a survey compiled by Bloomberg as of 7:40 am ET and following a downwardly revised increase of 96 billion cubic feet in the previous week. Stocks at 2.974 trillion cubic feet are 13.9% higher than in the comparable week a year ago and 23.9% above their 5-year average.

Henry Hub natural gas futures dropped 2% to $2.98 per 1 million BTU.

In corporate news, Greenfire Resources ( GFR ) shares added nearly 5% as BMO Capital Markets started coverage of the company with an outperform rating.

NextDecade ( NEXT ) shares added 0.4% after the company and Aramco said their subsidiaries have agreed to a non-binding 20-year liquefied natural gas sale and purchase deal.

The American Petroleum Institute will file a federal lawsuit on Thursday seeking to block the Environmental Protection Agency's new tailpipe emission regulations that compel automakers to increase the production and sale of electric vehicles to comply with the new standards, Reuters reported. The trade group, which includes Exxon Mobil ( XOM ) and Chevron ( CVX ) , claims that the EPA has overstepped its congressional authority with a rule that would phase out most new gasoline-powered and traditional hybrid vehicles from the US market in less than a decade, the report said.