01:45 PM EST, 03/06/2024 (MT Newswires) -- Energy stocks rose Wednesday afternoon with the NYSE Energy Sector Index gaining 1.3% and the Energy Select Sector SPDR Fund (XLE) up 0.8%.

The Philadelphia Oil Service Sector index climbed 1.4%, and the Dow Jones US Utilities index added 0.9%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 2.1 million barrels in the week ended March 1 following an increase of 4.9 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 1.4 million barrels after a 4.2-million-barrel gain in the previous week, a smaller increase than the 2.7-million-barrel gain expected in a survey compiled by Bloomberg as of 7:40 am ET.

West Texas Intermediate crude oil rose 1.8% to $79.57 a barrel, while the global benchmark Brent crude contract advanced 1.5% to $83.28a barrel. Henry Hub natural gas futures fell 1.3% to $1.931 per 1 million BTU.

In corporate news, Exxon Mobil ( XOM ) is planning to lay off about 15% of Denbury's workforce, Bloomberg reported Wednesday, citing the Texas Workforce Commission. Exxon bought Denbury four months ago in an all-stock deal valued at $4.9 billion. Exxon shares gained 1.3%.

Bloom Energy ( BE ) shares jumped 5.7% as Truist Securities upgraded the company to hold from sell and raised its price target to $11 from $9.

Enbridge ( ENB ) shares rose 1.1% after the company affirmed guidance of 4% to 6% in earnings-per-share growth through 2026 and said it expects average annual EPS growth of about 5% beyond 2026.