03:23 PM EDT, 08/07/2024 (MT Newswires) -- Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index rising 1.2% and the Energy Select Sector SPDR Fund (XLE) adding 1.1%.

The Philadelphia Oil Service Sector index decreased 0.2%, while the Dow Jones US Utilities index was gaining 0.7%.

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.

Front-month West Texas Intermediate crude rose 2.7% to $75.17 a barrel, while global benchmark Brent was advancing 2.3% to $78.25 a barrel. Henry Hub natural gas futures popped 4.5% to $2.09 per 1 million BTU.

In corporate news, OGE Energy ( OGE ) shares gained 1.8% as it reported Q2 earnings Wednesday of $0.51 per share, up from $0.44 a year earlier and above the Capital IQ analyst consensus of $0.46.