Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index up 1.2% and the Energy Select Sector SPDR Fund (XLE) rising 1.3%.

The Philadelphia Oil Service Sector index was climbing 1.5%, and the Dow Jones US Utilities index was adding 1.2%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 4.5 million barrels in the week ended Sept. 5 following an increase of 2.9 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 3.9 million barrels after a 2.4 million barrel increase 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 1.8% to $63.77 a barrel, and the global benchmark Brent crude contract was advancing 1.8% to $67.60 a barrel. Henry Hub natural gas futures were 2.7% lower at $3.03 per 1 million BTU.

In sector news, the Trump administration is weighing a plan to require large oil refineries to cover roughly half or less of the biofuel blending requirements that were waived for smaller sites, Reuters reported.

In corporate news, Solaris Energy Infrastructure (SEI) shares jumped past 17% after regulatory filings showed that two company executives bought a combined 12,000 shares.

EON Resources (EONR) shares rose nearly 4% after the company secured $45.5 million in funding via a mix of production-based financing and a drilling partnership with Virtus Energy Partners.

Equinor (EQNR) is open to the idea of combining its renewable assets with Danish wind developer Orsted, Bloomberg reported, citing Equinor Chair Jon Erik Reinhardsen. Equinor shares gained 2%.

Shell (SHEL) has signed an agreement with Italian energy firm Edison to supply liquefied natural gas from the US, Reuters reported. Shell was up 0.9%.