01:45 PM EDT, 06/12/2024 (MT Newswires) -- Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.2% and the Energy Select Sector SPDR Fund (XLE) down 1%.

The Philadelphia Oil Service Sector index was gaining 1.3%, and the Dow Jones US Utilities index was easing 0.2%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 4.1 million barrels in the week ended June 7 following an increase of 2.1 million barrels in the previous week. Excluding SPR inventories, commercial crude oil stocks rose by 3.7 million barrels after a 1.2-million-barrel gain in the previous week, compared with the 1.5-million-barrel decrease expected in a Bloomberg survey.

Front-month West Texas Intermediate crude oil was rising 1.1% to $78.76 a barrel while the global benchmark Brent crude contract was advancing 1% to $82.79 a barrel. Henry Hub natural gas futures were 2.6% lower at $3.05 per 1 million BTU.

In corporate news, Matador Resources ( MTDR ) is set to spend about $1.91 billion in a deal to expand its footprint in the Delaware Basin oil-producing region of the US, it said Wednesday. Its shares were falling 0.7%.

Shell (SHEL) has emerged as the frontrunner to buy the assets of Pavilion Energy, Bloomberg reported. Shell added 0.5%.

SolarBank ( SUUN ) gained 1%. The company said it plans to develop a 6.41-megawatt ground-mount solar power project on a 17-acre parcel in Bloomfield, New York.