02:06 PM EST, 11/05/2025 (MT Newswires) -- Energy stocks rose Wednesday afternoon with the NYSE Energy Sector Index gaining 1.2% and the Energy Select Sector SPDR Fund (XLE) adding 1.1%.

The Philadelphia Oil Service Sector Index climbed 1.3%, and the Dow Jones US Utilities Index edged up 0.3%.

West Texas Intermediate crude oil fell 1.4% to $59.70 a barrel, and global benchmark Brent dropped 1.3% to $63.58 a barrel. Henry Hub natural gas futures declined 2.1% to $4.25 per 1 million BTU.

In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 5.7 million barrels in the week ended Friday following a decrease of 6.3 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks increased by 5.2 million after a decline of 6.9 million in the prior week, compared with a drop of 286,000 expected in a survey compiled by Bloomberg.

In corporate news, Pembina Pipeline ( PBA ) signed a 20-year agreement to provide liquefaction capacity of 1 million metric tons per annum at the Cedar LNG facility in British Columbia to Malaysia's state-owned Petronas. Pembina shares rose 0.9%.

Ares Management (ARES) said Ares Alternative Credit funds and other affiliated funds closed the acquisition of a 20% stake in Eni's (E) renewable energy unit Plenitude for 2 billion euros ($2.29 billion). Eni shares rose 0.7%.

Suncor Energy ( SU ) shares rose 4.9%, a day after the company reported Q3 adjusted earnings that beat analyst estimates.