01:31 PM EDT, 09/11/2024 (MT Newswires) -- Energy stocks were declining Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.3% and the Energy Select Sector SPDR Fund (XLE) shedding 1%.

The Philadelphia Oil Service Sector index was posting a 0.4% increase, while the Dow Jones US Utilities index was down 0.2%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rebounded by 1.1 million barrels in the week ended Sept. 6 following a decrease of 5.1 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 800,000 barrels after a 6.9-million-barrel drop in the previous week, below the 1.1-million-barrel gain expected in a survey compiled by Bloomberg as of 7:35 am ET.

Front-month West Texas Intermediate crude oil was rising 2.9% to $67.67 a barrel, and the global benchmark Brent crude contract was advancing 2.5% to $70.95 a barrel. Henry Hub natural gas futures were 1.6% higher at $2.27 per 1 million BTU.

In corporate news, Energy Fuels ( UUUU ) shares jumped past 7% after the company said initial drilling intercepts at its Nichols Ranch uranium mine in Wyoming's Powder River Basin were showing "stronger mineralization than anticipated."