01:43 PM EDT, 10/09/2024 (MT Newswires) -- Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index up 0.2% and the Energy Select Sector SPDR Fund (XLE) adding 0.6%.

The Philadelphia Oil Service Sector index was 0.1% lower, and the Dow Jones US Utilities index was shedding 0.9%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 6.2 million barrels in the week ended Oct. 4 following an increase of 4.5 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 5.8 million barrels, faster than a 3.9-million-barrel gain in the previous week and well above the 1.6-million-barrel increase expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was declining 1% to $72.80 a barrel while the global benchmark Brent crude contract was falling 1.2% to $76.22 a barrel. Henry Hub natural gas futures were falling 3.5% to $2.64 per 1 million BTU.

In corporate news, Arcadium Lithium ( ARLTF ) shares surged more than 30% after the company agreed to be acquired by Rio Tinto (RIO) in a $6.7 billion cash deal. Rio shares were down 0.6%.

American Resources ( AREC ) shares jumped 8% after it said Wednesday that its ReElement Technologies unit will expand operations at its Noblesville Customer Qualification Plant to produce rare earth oxides on a daily basis for existing customer orders.

Woodside Energy ( WDS ) shares were down 1.9% after it said late Tuesday it has completed its $900 million acquisition of Tellurian (TELL) and its US Gulf Coast Driftwood LNG project, which it has renamed to Woodside Louisiana LNG.