Energy stocks rose late Thursday afternoon with the NYSE Energy Sector Index up 0.8% and the Energy Select Sector SPDR Fund (XLE) adding 0.9%.

The Philadelphia Oil Service Sector index climbed 1.9%, and the Dow Jones US Utilities index was little changed.

West Texas Intermediate crude oil was steady at $71.34 a barrel, while global benchmark Brent eased 0.1% to $75.11 a barrel.

US natural gas stocks fell by 100 billion cubic feet in the week ended Friday, a larger drop than the 92 billion decline expected in a survey compiled by Bloomberg and following a decrease of 174 billion in the previous week.

Henry Hub natural gas futures rose 2.2% to $3.64 per 1 million BTU.

In corporate news, Eco Wave Power Global (WAVE) shares jumped 7.8% after the company signed a memorandum of understanding with Bharat Petroleum for joint development of wave-energy projects in India.

Vista Energy (VIST) shares rose 2.7% after Citigroup upgraded the stock to buy from neutral with a $66 price target.

Elliott Investment Management is urging BP (BP) to make drastic divestments and cost cuts to bolster its position as a stand-alone company, Bloomberg reported. BP shares shed 0.3%.

PBF Energy (PBF) shares dropped 12% after the company reported a wider Q4 adjusted loss as revenue fell.