01:40 PM EST, 12/12/2024 (MT Newswires) -- Energy stocks were lower Thursday afternoon, with the NYSE Energy Sector Index decreasing 0.6% and the Energy Select Sector SPDR Fund (XLE) down 0.4%.

The Philadelphia Oil Service Sector index dropped 1.4%, while the Dow Jones US Utilities index was adding 0.4%.

Front-month West Texas Intermediate crude oil was rising 0.2% to $70.46 a barrel while the global benchmark Brent crude contract was advancing 0.4% to $73.79 a barrel.

US natural gas stocks fell by 190 billion cubic feet in the week ended Dec. 6, a larger drop than the 172 billion decrease expected in a survey compiled by Bloomberg and following a decrease of 30 billion cubic feet in the previous week.

Henry Hub natural gas futures jumped 4.4% to $3.53 per 1 million BTU.

In corporate news, Houston American Energy ( HUSA ) shares jumped past 8% after it said Thursday it signed two non-binding letters of intent to buy RPD Technologies and Abundia Global Impact to expand globally and diversify its portfolio.

PHX Minerals ( PHX ) shares popped over 4% after the company said its board has launched a strategic review process to explore options for maximizing shareholder value, including a potential merger or sale.

Star Group ( SGU ) shares rose almost 1% after it said Thursday it agreed to buy an unnamed home energy distributor for about $68 million.