01:58 PM EDT, 08/08/2024 (MT Newswires) -- Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index rising 1.5% and the Energy Select Sector SPDR Fund (XLE) gaining 1.9%.

The Philadelphia Oil Service Sector index was posting a 2% increase, and the Dow Jones US Utilities index was adding 0.4%.

Front-month West Texas Intermediate crude oil was rising 1.2% to $76.14 a barrel while the global benchmark Brent crude contract was advancing 0.8% to $78.92 a barrel. Henry Hub natural gas futures were 1.9% higher at $2.15 per 1 million BTU.

US natural gas stocks rose by 21 billion cubic feet in the week ended Aug. 2, below the 25 billion increase expected in a survey compiled by Bloomberg and following an increase of 18 billion cubic feet in the previous week.

In corporate news, Consol Energy ( CEIX ) shares jumped nearly 5%. The company reported earnings of $1.96 per diluted share. Two analysts polled by Capital IQ expected $0.94.

Ideal Power ( IPWR ) shares jumped 18% after the company signed a deal with Ryoden unit, Ryosho U.S.A., for the global distribution of Ideal's products.

CenterPoint Energy ( CNP ) shares gained 4% after it priced an offering of about 9.8 million shares at $25.63 each, targeting gross proceeds of about $250 million.