03:52 PM EDT, 08/07/2024 (MT Newswires) -- Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index rising 1.1% and the Energy Select Sector SPDR Fund (XLE) adding 0.8%.

The Philadelphia Oil Service Sector index decreased 0.6%, while the Dow Jones US Utilities index rose 0.6%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3 million barrels in the week ended Aug. 2 following a decrease of 2.8 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 3.7 million barrels after a 3.4-million-barrel decline in the previous week, a larger drop than the 1.8-million-barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude rose 2.8% to $75.27 a barrel, while global benchmark Brent was advancing 2.5% to $78.38 a barrel. Henry Hub natural gas futures popped 4.3% to $2.10 per 1 million BTU.

In corporate news, OGE Energy ( OGE ) shares gained 1.8% after it reported Q2 earnings Wednesday of $0.51 per share, up from $0.44 a year earlier and above the Capital IQ analyst consensus of $0.46.

Avista ( AVA ) shares were fractionally lower after it reported Q2 earnings Wednesday of $0.29 per diluted share, up from $0.23 a year earlier. Two analysts polled by Capital IQ expected $0.30.

Northern Oil & Gas (NOG) said Wednesday it and SM Energy ( SM ) have exercised an option to jointly buy more Uinta Basin assets next to their XCL Resources asset acquisition. Northern Oil shares rose 2%, and SM Energy ( SM ) was up 0.7%.

Enlight Renewable Energy ( ENLT ) shares rose 2.1% after the company reported Q2 revenue Wednesday of $84.7 million, up from $52.6 million a year earlier.