03:36 PM EST, 11/14/2024 (MT Newswires) -- Energy stocks were advancing late Thursday afternoon, with the NYSE Energy Sector Index rising 0.5% and the Energy Select Sector SPDR Fund (XLE) up 0.3%.

The Philadelphia Oil Service Sector index dropped 0.8%, and the Dow Jones US Utilities index was adding 0.3%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 2.7 million barrels in the week ended Nov. 8 following an increase of 3.5 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 2.1 million barrels, as they did in the previous week, a larger gain than the 1.6-million-barrel increase expected in a survey compiled by Bloomberg.

The International Energy Agency on Thursday increased its 2024 global oil demand outlook as consumption in advanced economies rebounded in Q3. World oil demand is now expected to grow by 920,000 barrels a day this year, compared with the IEA's prior growth outlook of a figure "just shy" of 900,000 barrels.

Front-month West Texas Intermediate crude oil was up 0.3% at $68.65 a barrel while the global benchmark Brent crude contract rose 0.3% to $72.51 a barrel.

US natural gas stocks rose by 42 billion cubic feet in the week ended Nov. 8, above the 39 billion gain expected in a survey compiled by Bloomberg and following an increase of 69 billion cubic feet in the previous week.

Henry Hub natural gas futures slumped 7.3% to $2.77 per 1 million BTU.

In corporate news, GE Vernova ( GEV ) has dismissed or suspended several workers at its wind turbine manufacturing plant in Gaspe, Quebec, after an internal investigation uncovered quality control violations, Reuters reported. GE Vernova ( GEV ) shares were falling nearly 2%.

ExxonMobil ( XOM ) is cutting nearly 400 jobs in Texas, roughly six months after completing its $59.5 billion purchase of Pioneer Natural Resouces, according to documents filed with the Texas Workforce Commission this week. Exxon shares were fractionally higher.

PHX Minerals ( PHX ) shares jumped 7.1% after the company said Thursday that its board has rejected WhiteHawk Energy's takeover proposal via an all-cash deal of $4 per PHX share.

Maxeon Solar Technologies ( MAXN ) shares tumbled about 15% after the company said that its solar panels continue to be detained and blocked from being imported into the US from its plants in Mexico by US Customs and Border Protection.