03:48 PM EDT, 09/24/2025 (MT Newswires) -- Energy stocks advanced late Wednesday afternoon with the NYSE Energy Sector Index rising 1.2% and the Energy Select Sector SPDR Fund (XLE) adding 1.3%.

The Philadelphia Oil Service Sector Index climbed 0.9%, and the Dow Jones US Utilities Index gained 0.4%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 400,000 barrels in the week ended Friday, following a decrease of 8.8 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 600,000 barrels after a drop of 9.3 million barrels in the previous week, compared with the increase of 802,000 barrels expected in a survey compiled by Bloomberg.

West Texas Intermediate crude oil rose 2.2% to $64.83 a barrel, and global benchmark Brent advanced 2.3% to $69.15 a barrel. Henry Hub natural gas futures climbed 0.6% to $2.87 per 1 million BTU.

In corporate news, rare earth stocks rose after Reuters reported that the Group of Seven nations and the EU are considering price floors and tariffs to encourage investment in the sector. Ioneer ( IONR ) shares jumped 25%, NioCorp (NB) gained 5.2%, and Energy Fuels ( UUUU ) advanced 2.5%.

Xcel Energy ( XEL ) shares jumped past 6% after saying Wednesday it reached agreements in principle with Qwest and Teleport Communications America to settle all litigation related to the 2021 Marshall Fire.

Perma-Pipe International ( PPIH ) shares gained over 7% after it announced $30 million in new global project contracts and said its Saudi Arabian unit won approval from Saudi Aramco to expand into the pipe coating market.

Lithium Americas ( LAC ) shares surged 96% after the company said it is in talks with the US Department of Energy and General Motors (GM) over its Thacker Pass lithium joint venture project, including financing for the project.