01:21 PM EST, 11/06/2024 (MT Newswires) -- Energy stocks were sharply higher Wednesday afternoon, with the NYSE Energy Sector Index rising 2.1% and the Energy Select Sector SPDR Fund (XLE) climbing 3.8%.

The Philadelphia Oil Service Sector index jumped 6.8%, while the Dow Jones US Utilities index was down 0.7%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 3.5 million barrels in the week ended Nov. 1 following an increase of 700,000 barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 2.1 million barrels after a 500,000 barrel decline in the previous week, compared with the 90,000 barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was fractionally down at $71.97 a barrel while the global benchmark Brent crude contract was shedding 0.4% to $75.25 a barrel. Henry Hub natural gas futures popped 3% to $2.75 per 1 million BTU.

In corporate news, MGE Energy ( MGEE ) shares jumped 6.5% after the company reported higher Q3 results.