03:57 PM EST, 11/05/2025 (MT Newswires) -- Energy stocks advanced late Wednesday afternoon with the NYSE Energy Sector Index gaining 0.8% and the Energy Select Sector SPDR Fund (XLE) adding 0.5%.

The Philadelphia Oil Service Sector Index climbed 0.9%, and the Dow Jones US Utilities Index rose 0.1%.

West Texas Intermediate crude oil fell 1.5% to $59.64 a barrel, and global benchmark Brent dropped 1.4% to $63.54 a barrel. Henry Hub natural gas futures declined 2.8% to $4.22 per 1 million BTU.

In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 5.7 million barrels in the week ended Friday following a decrease of 6.3 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks increased by 5.2 million after a decline of 6.9 million in the prior week, compared with a drop of 286,000 expected in a survey compiled by Bloomberg.

In corporate news, SolarEdge Technologies ( SEDG ) shares jumped 29% after the company's Q3 non-GAAP net loss narrowed more than expected and revenue topped analyst estimates.

Chevron (CVX) confirmed that it is close to a final investment decision to expand the Leviathan gas field off Israel's Mediterranean coast, Reuters reported. Chevron shares eased 0.3%.

Pembina Pipeline ( PBA ) signed a 20-year agreement to provide liquefaction capacity of 1 million metric tons per annum at the Cedar LNG facility in British Columbia to Malaysia's state-owned Petronas. Pembina shares rose 1.7%.

Ares Management (ARES) said Ares Alternative Credit funds and other affiliated funds closed the acquisition of a 20% stake in Eni's (E) renewable energy unit Plenitude for 2 billion euros ($2.29 billion). Eni shares rose 0.6%.

Suncor Energy ( SU ) shares climbed 4.3%, a day after the company reported Q3 adjusted earnings that beat analyst estimates.