01:46 PM EDT, 03/27/2024 (MT Newswires) -- Energy stocks rose Wednesday afternoon with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) both up 0.3%.

The Philadelphia Oil Service Sector index increased 0.5%, and the Dow Jones US Utilities index jumped 2.1%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 3.9 million barrels in the week ended March 22 following a decrease of 1.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 3.2 million barrels after a 2-million-barrel decrease in the previous week, compared with the 1-million-barrel decrease expected in a survey compiled by Bloomberg as of 8:25 am ET.

West Texas Intermediate crude oil fell 0.6% to $81.11 a barrel, while the global benchmark Brent crude contract lost 0.7% to $85.67 a barrel. Henry Hub natural gas futures fell 3.8% to $1.72 per 1 million BTU.

In corporate news, Phillips 66 (PSX) Chief Executive Mark Lashier said activist investor Elliott Investment Management accepted management's plans to improve the company's financial performance, Reuters reported Tuesday. Phillips 66 shares rose 1.1%.

Eni (E) has given Ithaca Energy a four-week exclusivity period to make an offer for its UK upstream assets, Ithaca said Wednesday. Eni shares added 0.6%.

Vermilion Energy ( VET ) shares popped 3.2% after the company was upgraded to buy from hold at TD Securities and its price target was raised to $20 from $18.