03:55 PM EST, 11/06/2024 (MT Newswires) -- Energy stocks were sharply higher late Wednesday afternoon, with the NYSE Energy Sector Index rising 2.7% and the Energy Select Sector SPDR Fund (XLE) climbing 4.3%.

The Philadelphia Oil Service Sector index jumped 8.3%, while the Dow Jones US Utilities index was down 0.6%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 3.5 million barrels in the week ended Nov. 1 following an increase of 700,000 barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 2.1 million barrels after a 500,000 barrel decline in the previous week, compared with the 90,000 barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil shed 0.3% to $71.81 a barrel while the global benchmark Brent crude contract was down 0.6% to $75.10 a barrel. Henry Hub natural gas futures popped 3.1% to $2.75 per 1 million BTU.

In corporate news, Delek US ( DK ) shares jumped 9.1% after the company reported Wednesday better-than-expected Q3 results.

Pinnacle West Capital ( PNW ) shares popped 4.2% after the company's Q3 operating revenue beat analysts' estimates.

MGE Energy ( MGEE ) shares spiked 7.2% after the company reported higher Q3 results.