03:29 PM EDT, 08/20/2025 (MT Newswires) -- Energy stocks rose late Wednesday afternoon, with the NYSE Energy Sector Index adding 1.2% and the Energy Select Sector SPDR Fund (XLE) increasing 1.1%.

The Philadelphia Oil Service Sector index was up 0.1%, and the Dow Jones US Utilities index added 0.2%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 5.8 million barrels in the week ended Aug. 15 following an increase of 3.3 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks plunged by 6 million barrels after a 3-million-barrel gain in the previous week, a larger decrease than the 850,000-barrel drop expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil rose 1.9% to $62.94 a barrel, and the global benchmark Brent crude contract advanced 1.9% to $67.04 a barrel. Henry Hub natural gas futures gained 0.1% to $2.77 per 1 million BTU.

In corporate news, Nabors Industries ( NBR ) shares jumped 15% after it said Wednesday it agreed to sell its Quail Tools unit to Superior Energy Services for a net consideration of $600 million plus adjustments for net working capital. Quail provides downhole tubulars to the US oil and gas drilling market.