01:29 PM EST, 12/27/2024 (MT Newswires) -- Energy stocks were declining Friday afternoon, with the NYSE Energy Sector Index fractionally down and the Energy Select Sector SPDR Fund (XLE) shedding 0.2%.

The Philadelphia Oil Service Sector index fell 0.5%, and the Dow Jones US Utilities index shed 0.5%.

Oil prices were slightly higher on Friday as Israeli strikes against Yemen's Houthi rebels triggered what one strategist described as a "fear bid" for the commodity, MarketWatch reported Friday.

Front-month West Texas Intermediate crude oil was rising 1.1% to $70.42 a barrel while the global benchmark Brent crude contract was advancing 1% to $74.00 a barrel.

US natural gas stocks fell by 93 billion cubic feet in the week ended Dec. 20, compared with the 100 billion decrease expected in a survey compiled by Bloomberg and following a decrease of 125 billion cubic feet in the previous week.

Henry Hub natural gas futures fell 4.6% to $3.55 per 1 million BTU.

In corporate news, Battalion Oil ( BATL ) shares jumped past 19%. The company said Friday that its Halcon unit has refinanced all of its senior secured credit agreements with lenders, who are providing Halcon with $162 million in borrowing capacity through a new term loan maturing in December 2028.