01:50 PM EDT, 08/14/2024 (MT Newswires) -- Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 0.5% and the Energy Select Sector SPDR Fund (XLE) up 0.6%.

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

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 2.1 million barrels in the week ended Aug. 9 following a decrease of 3 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 1.4 million barrels after a 3.7-million-barrel drop in the previous week, compared with the 2-million-barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was shedding 1.4% to $77.28 a barrel while the global benchmark Brent crude contract was decreasing 0.7% to $80.13 a barrel. Henry Hub natural gas futures jumped 4.5% to $2.25 per 1 million BTU.

In corporate news, Shell (SHEL) unit Shell Offshore said it made a final investment decision on a waterflood project at its Vito asset in the US Gulf of Mexico that will inject water into the reservoir formation to displace additional oil. Shell was up 0.7%.

BP-backed (BP) Net Zero Teesside Power's gas-fired power station was lawfully approved, London's High Court ruled Wednesday, rejecting a legal challenge by climate campaigner Andrew Boswell. BP shares were fractionally lower.

Ecopetrol ( EC ) shares fell 1.6% after it reported lower Q2 net income attributable to owners and revenue.