01:56 PM EDT, 07/17/2024 (MT Newswires) -- Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index adding 0.5% and the Energy Select Sector SPDR Fund (XLE) up 0.8%.

The Philadelphia Oil Service Sector index was posting a 0.7% decline, and the Dow Jones US Utilities index was rising 0.7%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 4.2 million barrels in the week ended July 12 following a decrease of 3 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 4.9 million barrels after a 3.4-million-barrel decrease in the previous week, a larger drop than the 1.1-million-barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was rising 2.2% to $81.43 a barrel while the global benchmark Brent crude contract was advancing 1.6% to $85.09 a barrel. Henry Hub natural gas futures tumbled 7.2% to $2.03 per 1 million BTU.

In corporate news, Nabors Industries ( NBR ) reported Wednesday preliminary Q2 operating revenue of about $735 million. Analysts polled by Capital IQ expect $743.7 million. Separately, Nabors said Wednesday it has started a $550 million private placement of notes maturing in 2031. Its shares rose 3%.

TotalEnergies (TTE) has agreed to sell its 10% stake in Nigerian oil and gas assets to Chappal Energies for $860 million, concluding a two-year sale process, Bloomberg reported Wednesday. TotalEnergies shares were fractionally higher.

KLX Energy Services ( KLXE ) shares jumped nearly 10% after the company reported late Tuesday a preliminary Q2 net loss of between $7 million and $11 million. Two analysts surveyed by Capital IQ expect a GAAP net loss of $13.5 million.