Sector Update: Energy

Energy stocks rose Thursday afternoon with the NYSE Energy Sector Index up 0.5% and the Energy Select Sector SPDR Fund (XLE) gaining 0.6%.

The Philadelphia Oil Service Sector index added 0.3%, and the Dow Jones US Utilities index eased 0.1%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 4.6 million barrels in the week ended Friday following an increase of 4.3 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 4.6 million after a gain of 4.1 million gain in the previous week, larger than the 3 million increase expected in a survey compiled by Bloomberg.

West Texas Intermediate crude oil advanced 1% to $72.94 a barrel, while global benchmark Brent rose 1.1% to $76.85 a barrel.

US natural gas stocks fell by 196 billion cubic feet in the week ended Friday, larger than the 193 billion decrease expected in a survey compiled by Bloomberg and following a decrease of 100 billion in the previous week.

Henry Hub natural gas futures dropped 4.9% to $4.07 per 1 million BTU.

In corporate news, SolarBank shares rose 2.1%. The company plans to collaborate with Viridi to develop a 3.06 megawatt DC solar power and 1.2 megawatt-hours battery storage project in Buffalo, New York.