01:50 PM EDT, 03/14/2024 (MT Newswires) -- Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index adding 0.2% and the Energy Select Sector SPDR Fund (XLE) up 0.7%.

The Philadelphia Oil Service Sector index was posting a 1.1% increase and the Dow Jones US Utilities index was falling 1.6%.

Front-month West Texas Intermediate crude oil was rising 2.1% to $81.40 a barrel, and the global benchmark Brent crude contract was advancing 1.8% to $85.55 a barrel.

US natural gas stocks fell by 9 billion cubic feet in the week ended March 8, a larger drop than the 2 billion cubic feet 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 2.8% higher at $1.71 per 1 million BTU.

In corporate news, Shell (SHEL) said it is lowering its net carbon intensity target for 2030. "We are now targeting a 15% to 20% reduction by 2030 in the net carbon intensity of the energy products we sell, compared with 2016, against our previous target of 20%," the company said. Shell shares fell 0.4%.

Cummins (CMI) said Thursday that its offer to its shareholders to exchange their shares for Atmus Filtration Technologies ( ATMU ) stock owned by Cummins was oversubscribed based on preliminary results. Cummins shares fell 1.8%, while Atmus was rising 2.5%.

Marathon Oil ( MRO ) shares rose 1.2% as Argus upgraded the company to buy from hold.