01:58 PM EST, 01/30/2025 (MT Newswires) -- Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index adding 1% and the Energy Select Sector SPDR Fund (XLE) up 0.6%.

The Philadelphia Oil Service Sector index increased 0.2%, and the Dow Jones US Utilities index climbed 2.2%.

Front-month West Texas Intermediate crude oil was rising 0.3% to $72.81 a barrel while the global benchmark Brent crude contract was advancing 0.5% to $76.94 a barrel. Henry Hub natural gas futures fell 2.2% to $3.10 per 1 million BTU.

US natural gas stocks fell by 321 billion cubic feet in the week ended Jan. 24, a larger drop than the 314 billion decrease expected in a survey compiled by Bloomberg and following a decrease of 223 billion cubic feet in the previous week.

In corporate news, Shell (SHEL) and Thebe Investment are close to resolving a valuation dispute, clearing the way for the sale of Shell's downstream assets in South Africa for up to $1 billion, Bloomberg reported. Separately, Shell said it has launched a $3.5 billion stock buyback plan for a total contract term of about three months to reduce its issued share capital. The firm also reported lower Q4 adjusted earnings and revenue. Its shares were rising 3.1%.

Baker Hughes ( BKR ) said Thursday that it has been awarded a contract to provide a liquefied natural gas system and power island to support Venture Global's ( VG ) LNG projects in the US. Baker shares rose 2.2% and Venture Global ( VG ) jumped 7%.

Valero Energy ( VLO ) reported lower Q4 adjusted earnings and revenue that still topped analyst expectations. The shares were down 2.1%.