03:39 PM EST, 11/20/2024 (MT Newswires) -- Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index up 0.4% and the Energy Select Sector SPDR Fund (XLE) adding 0.8%.

The Philadelphia Oil Service Sector index increased 0.8%, and the Dow Jones US Utilities index was fractionally up.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 1.9 million barrels in the week ended Nov. 15 following an increase of 2.7 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks increased by 500,000 barrels after a 2.1-million-barrel increase in the previous week, compared with an 85,000-barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was declining 0.8% to $68.87 a barrel while the global benchmark Brent crude contract was down 0.4% at $73.03 a barrel. Henry Hub natural gas futures jumped 6.3% to $3.19 per 1 million BTU.

In corporate news, Hess (HES) Chief Executive John Hess said Wednesday that he has not ruled out the possibility of appealing a Federal Trade Commission ban on him taking a board seat at Chevron ( CVX ) . Hess and Chevron ( CVX ) shares were each adding 0.8%.

Expand Energy ( EXE ) shares popped 3.8%. The company said Wednesday it's launching a cash tender offer for its 5.5% senior notes due 2026 and a conditional notice of redemption for its 8.375% senior notes due 2028.

KULR Technology ( KULR ) shares jumped past 18% after it said it's developing proprietary carbon fiber-designed custom cathodes in small modular reactors for an unnamed nuclear fusion company.

DT Midstream ( DTM ) has agreed to acquire around 1,300 miles of natural gas transmission pipelines connecting seven states from Oklahoma-based midstream operator ONEOK ( OKE ) for $1.2 billion in cash. DT Midstream ( DTM ) shares were down 0.3%, and ONEOK ( OKE ) shed 0.2%.