03:18 PM EDT, 10/30/2024 (MT Newswires) -- Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index up 0.2% and the Energy Select Sector SPDR Fund (XLE) adding 0.3%.

The Philadelphia Oil Service Sector index was posting a 0.6% increase, while the Dow Jones US Utilities index was easing 0.1%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 700,000 barrels in the week ended Oct. 25 following an increase of 6.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 500,000 barrels after a 5.5-million-barrel gain in the previous week, against the 1.8-million-barrel increase expected in a Bloomberg survey.

Front-month West Texas Intermediate crude oil was rising 2.3% to $68.74 a barrel while the global benchmark Brent crude contract was advancing 2.2% to $72.67 a barrel. Henry Hub natural gas futures shed 1% to $2.83 per 1 million BTU.

In corporate news, Chevron's ( CVX ) renewable diesel plant in Louisiana has resumed production after last month's fire, Bloomberg reported. Chevron ( CVX ) shares were easing 0.2%.