01:49 PM EDT, 05/30/2024 (MT Newswires) -- Energy stocks rose Thursday afternoon with the NYSE Energy Sector Index adding 0.3% and the Energy Select Sector SPDR Fund (XLE) up 0.1%.

The Philadelphia Oil Service Sector Index gained 0.6%, and the Dow Jones US Utilities Index climbed 0.9%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.7 million barrels in the week ended May 24, following an increase of 2.8 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 4.2 million after a gain of 1.8 million in the previous week, a larger drop than the decrease of 1.8 million expected in a survey compiled by Bloomberg.

West Texas Intermediate crude oil declined 17% to $77.88 a barrel, while global benchmark Brent crude fell 1.9% to $82.04 a barrel.

US natural gas stocks rose by 84 billion cubic feet in the week ended May 24, larger than the 77 billion increase expected in a survey compiled by Bloomberg and following an increase of 78 billion in the previous week. Stocks at 2.795 trillion rose almost 16% from a year earlier and are 26.5% above the five-year average.

Henry Hub natural gas futures were 2% lower at $2.61 per 1 million BTU.

In corporate news, Clean Energy Fuels ( CLNE ) agreed to provide ultra-clean renewable natural gas for 39 of Cemex US' ready-mix and cement bulk trucks in Southern California, the companies said Thursday. Clean Energy shares jumped 8.5%.

BW LPG ( BWLP ) shares surged 18% after the company reported higher Q1 earnings and shipping and product services revenue.

President Joe Biden's administration's pilot program for sustainable aviation fuel credit will apply to a fuel mixture with little to no ethanol, Reuters reported Thursday. "I see this (pilot) as a marker, a signal and think it was a good first step," Gevo ( GEVO ) Chief Executive Officer Patrick Gruber said, according to the report. Gevo ( GEVO ) shares rose 2.4%.