Sector Update: Energy

Energy stocks were higher late Friday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each rising 1%.

The Philadelphia Oil Service Sector index added 0.4%, and the Dow Jones US Utilities index climbed 1.3%.

West Texas Intermediate crude oil rose 1.4% to $74.13 a barrel, while global benchmark Brent advanced 1% to $76.65 a barrel. Henry Hub natural gas futures tumbled 8% to $3.37 per 1 million BTU.

US natural gas stocks fell 116 billion cubic feet in the week ended Dec. 27, 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, Plug Power PLUG, Constellation Energy CEG and Bloom Energy BE shares rose after the US Department of the Treasury issued final rules outlining eligibility criteria for hydrogen producers seeking tax credits. Plug Power shares jumped 11%, Constellation popped 4.6% and Bloom gained 7.4%.