01:48 PM EDT, 06/26/2025 (MT Newswires) -- Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index rising 1.4% and the Energy Select Sector SPDR Fund (XLE) adding 1.3%.

The Philadelphia Oil Service Sector index climbed 2.3%, and the Dow Jones US Utilities index increased 0.2%.

Front-month West Texas Intermediate crude oil was rising 0.9% to $65.55 a barrel, and the global benchmark Brent crude contract was advancing 0.8% to $66.93 a barrel.

US natural gas stocks rose by 96 billion cubic feet in the week ended June 20, larger than the 87 billion increase expected in a survey compiled by Bloomberg and following an increase of 95 billion cubic feet in the previous week.

Henry Hub natural gas futures dropped 2% to $3.50 per 1 million BTU.

In corporate news, BP (BP) chair candidate Sam Laidlaw, former chief executive officer of Centrica, withdrew from consideration, the Financial Times reported Thursday. Laidlaw stepped back because he believes the company will either be sold or face significant restructuring, the report said. BP shares were adding 0.3%.

Shell (SHEL) shares rose more than 2% after the company said it's not actively considering a takeover of BP, putting an end to recent speculation about a possible deal between the two oil majors. Separately, Equinor ( EQNR ) and Shell (SHEL) said Thursday that their joint venture combining their UK offshore oil and gas assets and operations will be named Adura.

NRG Energy ( NRG ) shares popped 4.9% after Barclays started coverage of the company with an overweight rating and $197 price target.