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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.