Energy stocks rose late Wednesday afternoon with the NYSE Energy Sector Index up 0.3% and the Energy Select Sector SPDR Fund (XLE) adding 0.9%.

The Philadelphia Oil Service Sector index was little changed, and the Dow Jones US Utilities index fell 0.2%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose 6.2 million barrels in the week ended Friday following an increase of 4.5 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose 5.8 million, faster than the gain of 3.9 million in the previous week and well above the increase of 1.6 million expected in a survey compiled by Bloomberg.

West Texas Intermediate crude oil eased 0.1% to $73.50 a barrel, while global benchmark Brent fell 0.5% to $76.83 a barrel. Henry Hub natural gas futures dropped 3% to $2.65 per 1 million BTU.

In corporate news, Public Service Enterprise (PEG) shares fell 1.1%. The New Jersey Board of Public Utilities approved a settlement agreement on Public Service Electric & Gas' distribution base rate case.

Devon Energy (DVN) has rebounded in 2024 with oil production and capital expenditures consistently beating expectations, UBS Securities said in an earnings preview. UBS reiterated its neutral rating on Devon with a price target of $47. Devon shares added 1%.

Arcadium Lithium (ALTM) shares surged 31% after the company agreed to be acquired by Rio Tinto (RIO) for $6.7 billion in cash. Rio shares fell 0.t%.

American Resources (AREC) shares jumped 9.7%. The ReElement Technologies unit plans to expand operations at its Noblesville Customer Qualification Plant in Indiana to produce rare earth oxides on a daily basis for existing customer orders.