01:43 PM EDT, 10/30/2024 (MT Newswires) -- Energy stocks were edging higher 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 0.4% increase, and the Dow Jones US Utilities index was 0.3% lower.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 700,000 barrels in the week ended Oct. 25 following an increase of 6.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 500,000 barrels after a 5.5-million-barrel gain in the previous week, against the 1.8-million-barrel increase expected in a Bloomberg survey.

Front-month West Texas Intermediate crude oil was rising 2% to $68.58 a barrel while the global benchmark Brent crude contract was advancing 2% to $72.52 a barrel. Henry Hub natural gas futures lost 0.5% at $2.84 per 1 million BTU.

In corporate news, Diversified Energy ( DEC ) shares added 3% after the company said Wednesday it completed its acquisition of operated natural gas properties within eastern Texas from a regional operator for $69 million.

EQT (EQT) shares rose 1.7% after the company reported higher-than-expected Q3 adjusted earnings.

Hess (HES) reported higher Q3 adjusted net income and revenue compared with a year earlier. Its shares were fractionally higher.