01:47 PM EDT, 05/08/2025 (MT Newswires) -- Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index rising 1.7% and the Energy Select Sector SPDR Fund (XLE) climbing 2%.

The Philadelphia Oil Service Sector index popped 3%, and the Dow Jones US Utilities index was up 0.1%.

Front-month West Texas Intermediate crude oil was rising 3.1% to $59.85 a barrel, and the global benchmark Brent crude contract was advancing 2.7% to $62.78 a barrel. Henry Hub natural gas futures were 1.7% lower at $3.56 per 1 million BTU.

US natural gas stocks rose by 104 billion cubic feet in the week ended May 2, above the 100 billion increase expected in a survey compiled by Bloomberg and following an increase of 107 billion cubic feet in the previous week.

In corporate news, ConocoPhillips ( COP ) shares rose 2% after the company reported an increase in Q1 adjusted earnings. It also said Chief Financial Officer W.L. Bullock will retire and be succeeded by Andy O'Brien on June 1.

Canadian Natural Resources ( CNQ ) shares jumped 5.3% after it posted higher Q1 adjusted earnings and revenue.

Genesis Energy (GEL) shares declined 3.2% after the company reported a Q1 net loss from continuing operations of $0.60 per diluted unit, widening from a loss of $0.15 a year earlier.