01:46 PM EDT, 05/02/2024 (MT Newswires) -- Energy stocks gained in Thursday afternoon, with the NYSE Energy Sector Index up 1.2% and the Energy Select Sector SPDR Fund (XLE) adding 0.9%.

The Philadelphia Oil Service Sector index rose 1.8%, and the Dow Jones US Utilities index was little changed, erasing earlier losses.

West Texas Intermediate crude oil gained 0.3% to $79.27 a barrel, while the global benchmark Brent crude contract rose 0.5% to $83.86 a barrel.

US natural gas stocks climbed 59 billion cubic feet in the week ended April 26, topping the 58 billion increase expected in a survey compiled by Bloomberg as of 7:35 am ET and following the gain of 92 billion cubic in the previous week.

Henry Hub natural gas futures jumped 5.4% to $2.037 per 1 million BTU.

In corporate news, the US Federal Trade Commission declined to challenge Exxon Mobil's ( XOM ) acquisition of Pioneer Natural Resources ( PXD ) but asserted that Scott Sheffield, Pioneer's co-founder and former chief executive officer, must not take a seat on the combined entity's board. Exxon shares rose 0.3% and Pioneer gained 1%.

ConocoPhillips ( COP ) reported Q1 adjusted earnings of $2.03 a share, down from $2.38 a year earlier. Analysts polled by Capital IQ expected $2.03. Total revenue and other income fell to $14.5 billion from $15.5 billion. Analysts expected $14.96 billion. The stock fell 1.3%.

Murphy Oil ( MUR ) shares added 0.4% after the company reported stronger-than-expected Q1 adjusted net income and revenue.