01:29 PM EDT, 08/14/2024 (MT Newswires) -- Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each rising about 0.6%.

The Philadelphia Oil Service Sector index increased 0.1%, and the Dow Jones US Utilities index was fractionally higher.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 2.1 million barrels in the week ended Aug. 9 following a decrease of 3 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 1.4 million barrels after a 3.7-million-barrel drop in the previous week, compared with the 2-million-barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was shedding 0.9% to $77.67 a barrel while the global benchmark Brent crude contract was decreasing 0.3% to $80.44 a barrel. Henry Hub natural gas futures jumped 4.7% to $2.25 per 1 million BTU.

In corporate news, Shell (SHEL) unit Shell Offshore said it made a final investment decision on a waterflood project at its Vito asset in the US Gulf of Mexico that will inject water into the reservoir formation to displace additional oil. Shell was up 0.7%.