01:54 PM EDT, 05/31/2024 (MT Newswires) -- Energy stocks rose Friday afternoon with the NYSE Energy Sector Index climbing 1.6% and the Energy Select Sector SPDR Fund (XLE) adding 1.8%.

The Philadelphia Oil Service Sector index and the Dow Jones US Utilities index were both up 1.6%.

West Texas Intermediate crude oil fell 0.9% to $77.22 a barrel, while global benchmark Brent crude dropped 0.7% to $81.29 a barrel. Henry Hub natural gas futures eased 0.1% to $2.569 per 1 million BTU.

In corporate news, PNM Resources ( PNM ) shares gained 2.1% after the New Mexico Public Regulation Commission approved an application by the company's Public Service Company of New Mexico subsidiary to add 410 megawatts of solar and battery storage capacity by summer 2026.

Alliant Energy ( LNT ) shares rose 1.6% after construction of a 200-megawatt solar array in Potosi, Wisconsin, was completed.

Chord Energy ( CHRD ) and Enerplus ( ERF ) said they have completed their merger with Enerplus ( ERF ) shares ceasing trading on the New York Stock Exchange on Friday and delisting from the Toronto Stock Exchange set for Monday. Chord stock gained 1%.