03:45 PM EDT, 06/06/2024 (MT Newswires) -- Energy stocks were higher late Thursday afternoon, with the NYSE Energy Sector Index increasing 0.6% and the Energy Select Sector SPDR Fund (XLE) adding 0.5%.

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

West Texas Intermediate crude rose 2.1% to $75.63 a barrel, while global benchmark Brent advanced 1.9% to $79.92 a barrel.

US natural gas stocks rose by 98 billion cubic feet in the week ended May 31, above the 92 billion gain expected in a survey compiled by Bloomberg and following an increase of 84 billion in the previous week. Stocks at 2.893 trillion rose nearly 15% from a year earlier and gained more than 25% versus the five-year average.

Henry Hub natural-gas futures climbed 2.4% to $2.82 per 1 million BTU.

In corporate news, UGI (UGI) shares sank past 7% after it said Thursday it intends to offer $600 million principal amount of convertible senior unsecured notes due 2028 in a private offering.

American Electric Power ( AEP ) shares added 0.1% as Ladenburg Thalmann upgraded the company to neutral from sell and raised its price target to $86 from $73.

Weatherford International ( WFRD ) said the drilling-services contract with Bapco Energies unit Bapco Upstream will be replaced with a new five-year contract. Weatherford shares down 0.5%.

Dorian LPG ( LPG ) fell more than 11% after it priced its public offering of 2 million common shares at $44.50 each.