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Sector Update: Energy Stocks Rise Wednesday

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Energy stocks rose Wednesday with the NYSE Energy Sector Index gaining 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 0.6%.

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

In geopolitical news, the Iranian military said it reached a revenue-sharing deal with Oman on the Strait of Hormuz, Bloomberg reported.

West Texas Intermediate crude oil shed 0.5% to $81.96 a barrel, and global benchmark Brent fell 1.2% to $87.48 a barrel. Henry Hub natural gas futures gained 3.4% to $2.86 per 1 million BTU.

In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.6 million barrels in the week ended Friday following a drop of 900,000 in the previous week. Excluding inventories in the SPR, commercial crude oil stocks increased by 100,000 after a gain of 4.4 million in the previous week, a smaller increase than the 1.6 million expected in a survey compiled by Bloomberg.

In corporate news, Public Service Enterprise Group (PEG) shares rose 1% after the company's PSE&G unit launched its GridSmart Battery Program, which is intended to help offset the costs of customers installing a home battery system.

Par Pacific (PARR) shares rose 2.6%, a day after the company said its 46%-owned Laramie Energy agreed to sell almost all of its oil and gas assets for $485 million.

Enbridge (ENB) shares rose 1.2% after the company agreed to buy Salt Creek Midstream's crude oil gathering business for $600 million.

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