03:54 PM EDT, 08/21/2024 (MT Newswires) -- Energy stocks rose late Wednesday afternoon, with the NYSE Energy Sector Index up 0.1% and the Energy Select Sector SPDR Fund (XLE) adding 0.2%.

The Philadelphia Oil Service Sector Index was posting a 0.5% increase, and the Dow Jones US Utilities index gained 0.4%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 4 million barrels in the week ended Aug. 16 following an increase of 2.1 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 4.6 million barrels after a 1.4-million-barrel gain in the previous week, a larger drop than the 2.2-million-barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was declining 0.4% to $74.04 a barrel while the global benchmark Brent crude contract dropped 1.5% to $76.01 a barrel. Henry Hub natural gas futures shed 0.5% to $2.19 per 1 million BTU.

In corporate news, Ovintiv ( OVV ) is weighing a possible sale of its oil operations in the Uinta Basin in Utah for as much as $2 billion, Bloomberg reported Wednesday. Ovintiv ( OVV ) shares rose 0.5%.

Arch Resources ( ARCH ) and Consol Energy ( CEIX ) said Wednesday they have agreed to a merger of equals in an all-stock deal to create a new company called Core Natural Resources. Arch shares fell 1.7% and Consol added 1%.

An Enterprise Products Partners ( EPD ) affiliate has agreed to buy Pinon Midstream for $950 million in a debt-free cash deal. Enterprise Products Partners ( EPD ) shares were easing 0.6%.

South Africa's Advertising Regulatory Board said a TotalEnergies (TTE) ad related to the company's support of South African National Parks had a "misleading" claim related to the company's commitment to sustainable development. TotalEnergies shares were up 0.2%.