Sector Update: Energy Stocks Rise in Late Afternoon Trading

Energy stocks rose late Thursday afternoon with the NYSE Energy Sector Index climbing 1.1% and the Energy Select Sector SPDR Fund (XLE) advancing 1.2%.

The Philadelphia Oil Service Sector Index gained 2.1%, and the Dow Jones US Utilities index edged up 0.1%.

West Texas Intermediate crude rose 1.3% to $78 a barrel, while global benchmark Brent advanced 1.4% to $80.89 a barrel. Henry Hub natural-gas futures fell 1.1% to $2.19 per 1 million BTU.

US natural gas stocks in the week ended Friday fell 6 billion cubic feet, compared with 1 billion increase expected in a survey compiled by Bloomberg and following a jump of 21 billion in the previous week. Stocks at 3.264 trillion were 6.8% higher from a year earlier and 13% above the five-year average.

In corporate news, Helmerich & Payne (HP) shares rose 1.7% after the company obtained a $400 million term loan.

HNR Acquisition (HNRA) shares fell 7.6%. The energy company said it's making upgrades to its electrical systems that will increase capacity for current needs and future growth of Permian Basin assets.

Chevron (CVX) agreed to pay $550 million over the next 10 years to the city of Richmond, California, in exchange for the city's withdrawal of a ballot initiative to add a new tax. Chevron shares rose 1.6%.

BW LPG (BWLP) shares edged up 0.1%. The company agreed to buy 12 very large gas carriers from Avance Gas for $1.05 billion.