01:37 PM EDT, 04/04/2024 (MT Newswires) -- Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index adding 0.4% and the Energy Select Sector SPDR Fund (XLE) up 0.3%.

The Philadelphia Oil Service Sector index was shedding 0.1%, while the Dow Jones US Utilities index increased 0.2%.

Front-month West Texas Intermediate crude oil was declining 0.4% to $85.12 a barrel, while global benchmark Brent was shedding 0.2% to $89.20 a barrel.

US natural gas stocks declined by 37 billion cubic feet in the week ended March 29, a smaller drop than the 42 billion decrease expected in a survey compiled by Bloomberg as of 7:45 am ET and following a decrease of 36 billion cubic feet in the previous week.

Henry Hub natural-gas futures slumped 3.1% to $1.78 per 1 million BTU.

In corporate news, Petrobras (PBR) Chief Executive Jean Paul Prates is seeking to shore up support from Brazilian President Luiz Inacio Lula da Silva to continue in his position but may leave the company if he is unable to do so, according to media reports Thursday. The company's shares were rising 1.9%.

Exxon Mobil ( XOM ) said late Wednesday it expects its Q1 operating results to be lower than Q4 due to lower oil and gas prices, according to a regulatory filing with the US Securities and Exchange Commission. Exxon shares were rising 0.2%.

Riley Exploration Permian ( REPX ) shares plunged 17% after it said Thursday it has priced a public offering of 2.1 million shares at $27 each.