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Sector Update: Energy

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Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2%.

The Philadelphia Oil Service Sector Index was increasing 0.4%, and the Dow Jones US Utilities Index advanced 0.5%.

Crude oil futures rose as Iran struck Gulf nations Kuwait and Bahrain with missiles amid faltering diplomacy with Washington, The Wall Street Journal reported. Kuwait came under a barrage of ballistic missiles and drones on Wednesday that shut its international airport, killed one person, and injured dozens more, as Iran launched its largest salvo of the near two-month ceasefire, the report said.

Front-month West Texas Intermediate crude oil climbed 2.6% to $96.21 a barrel, and the global benchmark Brent crude contract rose 2.2% to $98.09 a barrel. Henry Hub natural gas futures increased 2.2% to $3.24 per 1 million BTU.

In corporate news, Xcel Energy (XEL) said Wednesday its Colorado utility unit has reached a non-unanimous settlement agreement in its electric rate case before the Colorado Public Utilities Commission and has reaffirmed its 2026 earnings per share guidance of $4.04 to $4.16. Xcel Energy shares rose 0.7%.

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US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 16 million barrels in the week ended May 29 following a decrease of 12.4 million barrels in the previous week.Excluding inventories in the SPR, commercial crude oil stocks declined by 8.0 million barrels after a 3.3-million-barrel decline in the previous week, a larger drop than the 3.1-million-barrel decrease expected in a survey compiled by Bloomberg.Stocks in the SPR were down by 8.0 million in the week after falling by 9.1 million in the previous week.Overall crude oil stocks were down 2% from the previous week and down 5.6% from a year earlier. Crude oil inventories are about 3% below the five-year average for this time of the year.Gasoline stocks increased by 3.4 million barrels, compared with the 2.5-million-barrel decrease expected. Gasoline stocks were up 1.6% from the previous week but were 5.8% down from a year earlier.Distillate stocks increased by 1.5 million barrels in the current week, compared with an expected decrease of 1.9 million barrels. Distillate stocks were up 1.5% from the previous week but were 5.0% lower than in the same week a year ago.Refineries operated at 94.7% of their capacity, up from 94.5% in the previous week.