03:36 PM EDT, 10/02/2024 (MT Newswires) -- Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each rising 0.5%.

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

US crude oil stocks, including those in the Strategic Petroleum Reserve, rebounded by 4.5 million barrels in the week ended Sept. 27 following a decrease of 3.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 3.9 million barrels after a 4.5-million-barrel decline in the previous week, compared with a 1.4-million-barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil rose 0.9% to $70.43 a barrel while the global benchmark Brent crude contract advanced 0.9% to $74.22 a barrel. Henry Hub natural gas futures were 1% higher at $2.93 per 1 million BTU.

In corporate news, Williams (WMB) will see a positive impact on Q3 earnings from the startup of several growth projects and "lower producer shut ins" but the results will be slightly offset by hurricane disruptions, UBS Securities said in a note Wednesday. Williams shares rose 2.4%.

GE Vernova ( GEV ) shares fell 1.5% as Raymond James downgraded the company's stock to market perform from outperform.

Summit Midstream ( SMC ) shares jumped past 8%. The company said Tuesday it agreed to buy Tall Oak Midstream Operating and its subsidiaries from an affiliate of Tailwater Capital in a cash-and-stock deal.

Crescent Energy ( CRGY ) shares popped 11% after S&P Dow Jones Indices said the company is set to join the S&P SmallCap 600 on Friday, replacing Perficient (PRFT).