Energy stocks gained Friday afternoon, with the NYSE Energy Sector Index up 0.8% and the Energy Select Sector SPDR Fund (XLE) rising 0.9%.

The Philadelphia Oil Service Sector index added 0.2%, and the Dow Jones US Utilities index climbed 1.1%.

West Texas Intermediate crude oil rose 1.5% to $74.22 a barrel, while global benchmark Brent advanced 1% to $76.67 a barrel. Henry Hub natural gas futures tumbled 8.3% to $3.36 per 1 million BTU.

US natural gas stocks fell 116 billion cubic feet in the week ended Friday, compared with the 128 billion decrease expected in a Bloomberg survey and following a decline of 93 billion in the previous week.

In corporate news, Vista Energy (VIST) shares fell 3.6% after UBS downgraded the stock to neutral from buy, while raising the price target to $64 from $60.

Enterprise Products Partners (EPD) is expected to maintain "solid" organic growth, supported by its integrated natural gas liquids operations and the steady rise in Permian oil and NGL production, Truist Securities said in a report. Enterprise Products shares rose 0.1%.

Freeport-McMoRan (FCX) unit Freeport Indonesia is negotiating with the government about continued copper concentrate exports until its Manyar smelter becomes fully operational, Reuters reported. Freeport-McMoRan shares added 0.1%.