03:25 PM EDT, 03/27/2024 (MT Newswires) -- Energy stocks were gaining late Wednesday afternoon, with the NYSE Energy Sector Index adding 0.6% and the Energy Select Sector SPDR Fund (XLE) up 0.4%.

The Philadelphia Oil Service Sector index increased 0.8%, and the Dow Jones US Utilities index jumped 2.1%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 3.9 million barrels in the week ended March 22 following a decrease of 1.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 3.2 million barrels after a 2-million-barrel decrease in the previous week, compared with the 1-million-barrel decrease expected in a survey compiled by Bloomberg as of 8:25 am ET.

West Texas Intermediate crude oil was fractionally up at $81.63 a barrel, while the global benchmark Brent crude contract added 0.1% to $86.31 a barrel. Henry Hub natural gas futures tumbled 3.8% to $1.72 per 1 million BTU.

In corporate news, BlackRock ( BLK ) called on the US Federal Energy Regulatory Commission to maintain the existing practice of providing investment companies with blanket authorization to increase funding to public utilities, Bloomberg Law reported Wednesday. BlackRock ( BLK ) shares rose 0.9%.