03:16 PM EST, 11/27/2024 (MT Newswires) -- Energy stocks edged higher late Wednesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each rising 0.1%.

The Philadelphia Oil Service Sector index gained 0.6%, and the Dow Jones US Utilities index was marginally lower.

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

West Texas Intermediate crude oil was fractionally higher at $68.78 a barrel, while the global benchmark Brent crude contract added 0.1% to $72.91 a barrel.

US natural gas stocks fell 2 billion cubic feet in the week ended Friday, a larger drop than the 1 billion decrease expected in a survey compiled by Bloomberg and following a decrease of 3 billion cubic feet in the previous week.

Henry Hub natural gas futures slumped 7.4% to $3.21 per 1 million BTU.

In corporate news, SolarBank ( SUUN ) said Wednesday that its unit had secured financing for battery energy storage projects in the form of a $3 million loan from RE Royalties. SolarBank ( SUUN ) shares fell 2.9%.