03:44 PM EDT, 10/17/2024 (MT Newswires) -- Energy stocks were higher late Thursday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each rising 0.4%.

The Philadelphia Oil Service Sector index was posting a 0.5% decline, and the Dow Jones US Utilities index was shedding 0.6%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 1.2 million barrels in the week ended Oct. 11 following an increase of 6.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 2.2 million barrels after a 5.8-million-barrel gain in the previous week, compared with the 1.5-million-barrel increase expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was up 0.3% to $70.59 a barrel while the global benchmark Brent crude contract rose 0.2% to $74.38 a barrel.

US natural gas stocks rose by 76 billion cubic feet in the week ended Oct. 11, smaller than the 80 billion gain expected in a survey compiled by Bloomberg and below an increase of 82 billion cubic feet in the previous week.

Henry Hub natural gas futures fell 1% to $2.34 per 1 million BTU.

In corporate news, BP (BP) is exploring sale of a minority interest in its offshore wind business, Reuters reported. BP shares were rising 1.3%.

Pineapple Energy ( PEGY ) said Thursday it has ended its lease for the former corporate office in Minnetonka, Minnesota, which was initially set to expire in 2027. Its shares jumped past 16%.

PG&E ( PCG ) shares were down 0.9% after the company said Thursday that strong winds combined with dry vegetation conditions may cause it to cut off power to about 20,000 customers in two dozen California counties to prevent possible wildfires.

Liberty Energy (LBRT) shares tumbled more than 9% after the company reported lower Q3 adjusted net income and revenue.