01:31 PM EDT, 08/07/2024 (MT Newswires) -- Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each rising 1.4%.

The Philadelphia Oil Service Sector index increased 0.2%, and the Dow Jones US Utilities index was gaining 1%.

Front-month West Texas Intermediate crude was rising 2.6% to $75.13 a barrel, while global benchmark Brent was advancing 2.4% to $78.28 a barrel. Henry Hub natural-gas futures popped 3.1% to $2.07 per 1 million BTU.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3 million barrels in the week ended Aug. 2 following a decrease of 2.8 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 3.7 million barrels after a 3.4-million-barrel decline in the previous week, a larger drop than the 1.8-million-barrel decrease expected in a survey compiled by Bloomberg.

In corporate news, Northern Oil & Gas (NOG) said Wednesday it and SM Energy ( SM ) have exercised an option to jointly buy more Uinta Basin assets next to their XCL Resources asset acquisition. Northern Oil shares rose 2.6%, and SM Energy ( SM ) was up 1%.