01:35 PM EDT, 07/10/2024 (MT Newswires) -- Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 0.3% and the Energy Select Sector SPDR Fund (XLE) up 0.1%.

The Philadelphia Oil Service Sector index was posting a 0.4% increase, and the Dow Jones US Utilities index was rising 0.6%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3 million barrels in the week ended July 5 following a decrease of 11.8 million barrels in the previous week. Excluding SPR inventories, commercial crude oil stocks fell by 3.4 million barrels after a 12.2-million-barrel fall in the previous week, compared with the 1-million-barrel rise expected in a Bloomberg survey.

Front-month West Texas Intermediate crude oil was rising 0.7% to $81.96 a barrel while the global benchmark Brent crude contract was advancing 0.5% to $85.04 a barrel. Henry Hub natural gas futures were 1.5% lower at $2.31 per 1 million BTU.

In corporate news, Solaris Oilfield Infrastructure ( SOI ) shares surged 33% in recent trading, following its late Tuesday announcement of an agreement to buy Mobile Energy Rentals for $200 million in cash and stock.