03:40 PM EDT, 08/14/2024 (MT Newswires) -- Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index rising 0.8% and the Energy Select Sector SPDR Fund (XLE) gaining 0.9%.

The Philadelphia Oil Service Sector index eased 0.1%, and the Dow Jones US Utilities index was up 0.3%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 2.1 million barrels in the week ended Aug. 9 following a decrease of 3 million barrels in the previous week. Excluding inventories in the SPR, commercial crude stocks rose by 1.4 million barrels after a 3.7-million-barrel drop in the previous week, compared with the 2-million-barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude fell 1.5% to $77.21 a barrel, while global benchmark Brent dropped 1% to $79.90 a barrel. Henry Hub natural-gas futures jumped 3.5% to $2.22 per 1 million BTU.

In corporate news, FLEX LNG ( FLNG ) shares decreased 0.4% as the company's Q2 revenue fell short of market expectations.

Shell's (SHEL) Shell Offshore unit said it made a final investment decision on a waterflood project at its Vito asset in the US Gulf of Mexico that will inject water into the reservoir formation to displace additional oil. Shell was up 0.8%.

BP-backed (BP) Net Zero Teesside Power's gas-fired power station was lawfully approved, London's High Court ruled Wednesday, rejecting a legal challenge by climate campaigner Andrew Boswell. BP shares were fractionally higher.

Ecopetrol ( EC ) shares fell 3.1% after it reported lower Q2 net income attributable to owners and revenue.