Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index up 0.4% and the Energy Select Sector SPDR Fund (XLE) adding 0.1%.

The Philadelphia Oil Service Sector index was shedding 0.7%, while the Dow Jones US Utilities index rose 0.1%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 1.5 million barrels in the week ended May 2 after a fall of 1.6 million barrels in the previous week. Excluding SPR inventories, commercial crude oil stocks fell by 2 million barrels after a 2.7-million-barrel drop in the previous week, against the 1.9-million-barrel fall seen in a Bloomberg survey.

Front-month West Texas Intermediate crude oil was declining 1.3% to $58.34 a barrel, and the global benchmark Brent crude contract was down 1.3% at $61.36 a barrel. Henry Hub natural gas futures rose 3.9% $3.60 per 1 million BTU.

In sector news, US production of sustainable aviation fuel nearly doubled to 44,000 barrels per day in February 2025 from December 2024, the US Energy Information Administration said.

Separately, Alphabet's (GOOG) Google said it will provide early-stage capital to help Elementl Power prepare three potential US sites for advanced nuclear projects. Each site will aim for at least 600 megawatts of capacity, Google said.

In corporate news, Uranium Energy (UEC) shares rose 4% after the firm said it signed a MOU with Radiant Industries to supply US-origin uranium concentrates and build a full nuclear value chain in the country.

MGE Energy (MGEE) reported Q1 earnings of $1.14 per share, up from $0.93 a year earlier. A single analyst expected $0.98 in a FactSet poll. Its shares rose 0.7%.

Suncor Energy (SU) shares fell 3.5%. The company reported Q1 adjusted earnings late Tuesday of CA$1.31 ($0.95) per share, down from CA$1.41 a year earlier. Analysts polled by FactSet expected CA$1.24.