News

Energy stocks were advancing late Wednesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each adding 0.5%.

The Philadelphia Oil Service Sector index increased 0.7%, and the Dow Jones US Utilities index jumped 2.3%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 3.9 million barrels in the week ended March 22 following a decrease of 1.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 3.2 million barrels after a 2-million-barrel decrease in the previous week, compared with the 1-million-barrel decrease expected in a survey compiled by Bloomberg as of 8:25 am ET.

West Texas Intermediate crude oil was fractionally down at $81.59 a barrel, while the global benchmark Brent crude contract was fractionally up at $86.28 a barrel. Henry Hub natural gas futures tumbled 3.9% to $1.72 per 1 million BTU.

In corporate news, BlackRock (BLK) called on the US Federal Energy Regulatory Commission to maintain the existing practice of providing investment companies with blanket authorization to increase funding to public utilities, Bloomberg Law reported Wednesday. BlackRock shares rose 1.2%.

Vermilion Energy (VET) shares jumped 4.1% after the company was upgraded to buy from hold at TD Securities and its price target was raised to $20 from $18.

Phillips 66 (PSX) Chief Executive Mark Lashier said activist investor Elliott Investment Management accepted management's plans to improve the company's financial performance, Reuters reported Tuesday. Phillips 66 shares rose 1.1%.

Eni (E) has given Ithaca Energy a four-week exclusivity period to make an offer for its UK upstream assets, Ithaca said Wednesday. Eni shares added 0.7%.

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