01:27 PM EDT, 03/13/2024 (MT Newswires) -- Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index climbing 1.5% and the Energy Select Sector SPDR Fund (XLE) adding 1.7%.

The Philadelphia Oil Service Sector index was posting a 1.2% increase and the Dow Jones US Utilities index was rising 0.8%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 900,000 barrels in the week ended March 8 following an increase of 2.1 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 1.5 million barrels after a 1.4-million-barrel gain in the previous week, compared with the 1-million-barrel increase expected in a survey compiled by Bloomberg as of 7:40 am ET.

Front-month West Texas Intermediate crude oil jumped 2.6% to $79.55 a barrel while the global benchmark Brent crude contract was advancing 2.3% to $83.83 a barrel. Henry Hub natural gas futures were 2.1% lower at $1.68 per 1 million BTU.

In corporate news, SilverBow Resources ( SBOW ) shares gained 3.3% after the company confirmed it has received a proposal from shareholder Kimmeridge Energy Management for a potential deal between SilverBow and Kimmeridge Texas Gas.