03:32 PM EDT, 08/14/2024 (MT Newswires) -- Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index rising 0.8% and the Energy Select Sector SPDR Fund (XLE) gaining 0.9%.

The Philadelphia Oil Service Sector index declined 0.1%, and the Dow Jones US Utilities index was up 0.3%.

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 fell 1.5% to $77.21 a barrel while the global benchmark Brent crude contract dropped 1% to $79.90 a barrel. Henry Hub natural gas futures jumped 3.5% to $2.22 per 1 million BTU.

In corporate news, FLEX LNG ( FLNG ) shares fell 0.5% after the company's Q2 revenue fell short of market expectations.