01:43 PM EDT, 03/13/2024 (MT Newswires) -- Energy stocks rose Wednesday afternoon with the NYSE Energy Sector Index climbing 1.6% and the Energy Select Sector SPDR Fund (XLE) adding 1.8%.

The Philadelphia Oil Service Sector index gained 1.2%, and the Dow Jones US Utilities index increased 0.8%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 900,000 barrels in the week ended March 8 following an increase of 2.1 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 1.5 million barrels after a 1.4-million-barrel gain in the previous week, compared with the 1-million-barrel increase expected in a survey compiled by Bloomberg as of 7:40 am ET.

West Texas Intermediate crude oil jumped 2.6% to $79.55 a barrel, while the global benchmark Brent crude contract advanced 2.3% to $83.83 a barrel. Henry Hub natural gas futures fell 2.1% to $1.68 per 1 million BTU.

In corporate news, SilverBow Resources ( SBOW ) shares gained 3.5% after the company confirmed it received a proposal from shareholder Kimmeridge Energy Management for a potential deal between SilverBow and Kimmeridge Texas Gas.

NextEra Energy's (NEE) Florida Power & Light unit said it asked the Florida Public Service Commission to approve its request to lower rates for customers beginning in May due to lower fuel prices. NextEra Energy shares rose 3.8%.

IDACORP ( IDA ) shares shed 0.5% as Morgan Stanley initiated coverage of the company with an equalweight rating and a $92 price target.