01:40 PM EDT, 10/02/2024 (MT Newswires) -- Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 0.3% and the Energy Select Sector SPDR Fund (XLE) up 0.1%.

The Philadelphia Oil Service Sector index was posting a 0.4% decline, and the Dow Jones US Utilities index was shedding 0.2%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rebounded by 4.5 million barrels in the week ended Sept. 27 following a decrease of 3.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 3.9 million barrels after a 4.5-million-barrel decline in the previous week, compared with the 1.4-million-barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was rising 0.5% to $70.17 a barrel while the global benchmark Brent crude contract was advancing 0.4% to $73.87 a barrel. Henry Hub natural gas futures were 1.3% higher at $2.94 per 1 million BTU.

In corporate news, Summit Midstream ( SMC ) shares jumped past 8%. The company said Tuesday it agreed to buy Tall Oak Midstream Operating and its subsidiaries from an affiliate of Tailwater Capital in a cash-and-stock deal.

Crescent Energy ( CRGY ) shares popped 10% after S&P Dow Jones Indices said the company is set to join the S&P SmallCap 600 on Friday, replacing Perficient (PRFT).

TotalEnergies (TTE) said Wednesday it raised its annual oil and gas production growth target and now expects 3% average growth to 2030, backed by a growing portfolio of liquefied natural gas projects. Its shares rose 1.9%.