03:43 PM EDT, 03/28/2024 (MT Newswires) -- Energy stocks gained late Thursday afternoon with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) both advancing 1.1%.

The Philadelphia Oil Service Sector index and the Dow Jones US Utilities index both rose 0.8%.

West Texas Intermediate crude oil rose 2.1% to $83.08 a barrel, while the global benchmark Brent crude contract advanced 1.6% to $87.48 a barrel.

US natural gas stocks fell by 36 billion cubic feet in the week ended March 22, a larger decline than the 27 billion drop expected in a survey compiled by Bloomberg as of 7:45 am ET and following an increase of 7 billion cubic feet in the previous week.

Henry Hub natural gas futures rose 1.6% to $1.75 per 1 million BTU.

In corporate news, Vital Energy ( VTLE ) shares added 3.8% as the company reported the early results of its tender offers to buy up to $475 million of its 10.125% notes due 2028 and up to $75 million of 9.75% notes due 2030.

SilverBow Resources ( SBOW ) shares dropped 2.1% after the company said a potential deal proposed by Kimmeridge Texas Gas "substantially undervalues" SilverBow.

Vale (VALE) said Wednesday it agreed to buy the 45% stake in Alianca Energia owned by Cemig GT for 2.7 billion Brazilian reais ($541 million). Vale shares shed 0.1%.

KBR (KBR) added 0.7% after the company secured a five-year deal from Rabigh Refining & Petrochemical to provide maintenance services at its plant in Rabigh, Saudi Arabia.