01:19 PM EST, 11/27/2024 (MT Newswires) -- Energy stocks were edging higher Wednesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each rising 0.2%.

The Philadelphia Oil Service Sector index was up 0.5%, and the Dow Jones US Utilities index added 0.4%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 700,000 barrels in the week ended Nov. 22 following an increase of 1.9 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 1.8 million barrels after a 500,000-barrel increase in the previous week, compared with the 1-million-barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was declining 0.7% to $68.28 a barrel while the global benchmark Brent crude contract was down 0.6% to $72.36 a barrel.

US natural gas stocks fell by two billion cubic feet in the week ended Nov. 22, a larger drop than the one billion cubic foot decrease expected in a survey compiled by Bloomberg and following a decrease of three billion cubic feet in the previous week.

Henry Hub natural gas futures slumped 7.3% to $3.22 per 1 million BTU.

In corporate news, Frontline ( FRO ) shares tumbled past 6%. The company reported Q3 adjusted earnings Wednesday of $0.34 per share, down from $0.36 a year earlier. Two analysts polled by FactSet expected $0.40.