01:56 PM EDT, 04/02/2025 (MT Newswires) -- Energy stocks were softer Wednesday afternoon, with the NYSE Energy Sector Index 0.1% lower and the Energy Select Sector SPDR Fund (XLE) down 0.2%.

The Philadelphia Oil Service Sector index fell 0.6%, and the Dow Jones US Utilities index was adding 0.2%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 6.4 million barrels in the week ended March 28 following a decrease of 3.1 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks increased by 6.2 million barrels after a 3.3-million-barrel decline in the previous week, compared with a 500,000-barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was rising 0.8% to $71.77 a barrel, and the global benchmark Brent crude contract was advancing 0.6% to $74.97 a barrel. Henry Hub natural gas futures rose 2.9% to $4.06 per 1 million BTU.

In corporate news, Eni (E) is gathering bids for a stake in its Plenitude unit and is discussing a potential valuation of up to 13 billion euros ($14.13 billion) for this stake sale round, Bloomberg reported. Eni shares eased 0.4%.

Prairie Operating ( PROP ) started developing 11 oil and natural gas wells at the Rusch Pad drilling site in Weld County, Colorado, to expand output in the Denver-Julesburg Basin. Its shares were down 0.5%.

ConnectM Technology Solutions ( CNTM ) shares surged 46% after the firm said it has received a non-binding buyout proposal from its three largest institutional investors, valuing the company at about $46.5 million.