01:49 PM EST, 12/03/2025 (MT Newswires) -- Energy stocks advanced Wednesday afternoon with the NYSE Energy Sector Index gaining 1.8% and the Energy Select Sector SPDR Fund (XLE) rising 1.9%.

The Philadelphia Oil Service Sector Index jumped 3.4%, and the Dow Jones US Utilities Index fell 0.4%.

West Texas Intermediate crude oil rose 1.1% to $59.24 a barrel, and global benchmark Brent advanced 0.8% to $62.95 a barrel. Henry Hub natural gas futures jumped 3.2% to $5 per 1 million BTU.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 800,000 barrels in the week ended Friday following an increase of 3.3 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks increased by 600,000 after a gain of 2.8 million in the previous week, compared with a drop of 2 million expected in a survey compiled by Bloomberg.

In corporate news, Eni (E) shares gained 1.6%. The company agreed to supply 400,000 tons of liquefied natural gas annually to Turkey's Botas for 10 years starting in 2028.

Targa Resources ( TRGP ) shares rose 2.9% after RBC boosted its price target on the stock to $218 from $213 and maintained its outperform rating.

American Resources ( AREC ) obtained a $5 million inventory line of credit with Old National Bank to back its procurement of rare earth and critical mineral feedstocks. The stock rose 2.8%.