01:40 PM EST, 11/06/2024 (MT Newswires) -- Energy stocks were gaining Wednesday afternoon, with the NYSE Energy Sector Index rising 2.1% and the Energy Select Sector SPDR Fund (XLE) climbing 4%.

The Philadelphia Oil Service Sector index jumped 7.2%, while the Dow Jones US Utilities index was down 0.6%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 3.5 million barrels in the week ended Nov. 1 following an increase of 700,000 barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 2.1 million barrels after a 500,000 barrel decline in the previous week, compared with the 90,000 barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was down 0.1% to $71.89 a barrel while the global benchmark Brent crude contract was shedding 0.5% to $75.18 a barrel. Henry Hub natural gas futures popped 3.2% to $2.76 per 1 million BTU.

In corporate news, MGE Energy ( MGEE ) shares jumped 6.3% after the company reported higher Q3 results.

California Resources ( CRC ) shares popped 5.1% after the company reported higher Q3 adjusted earnings and revenue.

Gulfport Energy ( GPOR ) reported a Q3 loss late Tuesday of $0.83 per diluted share, compared with earnings of $27.37 per share a year earlier. Four analysts polled by Capital IQ expected earnings of $2.82. The company boosted its share buyback authorization by 54% to $1 billion. Its shares climbed 8%.