03:56 PM EST, 01/23/2025 (MT Newswires) -- Energy stocks rose late Thursday afternoon, with the NYSE Energy Sector Index adding 0.5% and the Energy Select Sector SPDR Fund (XLE) up 0.3%.

The Philadelphia Oil Service Sector index shed 0.3%, and the Dow Jones US Utilities index increased 0.5%.

Crude oil futures fell after President Donald Trump said he will ask Saudi Arabia and the Organization of the Petroleum Exporting Countries to lower prices.

West Texas Intermediate crude oil dropped 1.2% to $74.51 a barrel, while global benchmark Brent fell 1.1% to $78.16 a barrel. Henry Hub natural gas futures decreased 0.2% to $3.95 per 1 million BTU.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell 800,000 barrels in the week ended Friday following a decrease of 1.5 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell 1 million after a drop of 2 million in the previous week, a larger decline than the decrease of 400,000 expected in a Bloomberg survey.

US natural gas stocks fell 223 billion cubic feet in the week ended Friday, smaller than the decrease of 247 billion expected in a survey compiled by Bloomberg and following a drop of 258 billion in the previous week.

In corporate news, Murphy Oil ( MUR ) is likely to beat Q4 cash flow per share estimates by $0.05, UBS said in an earnings preview. It forecast Q4 cash flow per share of $2.70, against the Street's $2.65. Murphy shares were down 2.2%.

N2OFF ( NITO ) shares surged 55% after the firm said it signed a binding term sheet with Solterra Energy to collaborate on renewable energy projects in Albania for one year.

Kinder Morgan's ( KMI ) Q4 earnings fell short of Wall Street's estimates as the energy infrastructure company's revenue unexpectedly slipped. The shares shed 1%.

Enphase Energy ( ENPH ) said its US-made IQ8 microinverters for residential and commercial clients are in compliance with the Build America, Buy America Act. The shares gained 5.4%.