03:47 PM EDT, 04/09/2025 (MT Newswires) -- Energy stocks were sharply higher late Wednesday, with the NYSE Energy Sector Index jumping 7.7% and the Energy Select Sector SPDR Fund (XLE) climbing 8.7%.

The Philadelphia Oil Service Sector index surged 13%, and the Dow Jones US Utilities index added 3.4%.

West Texas Intermediate crude oil rose 4.6% to $62.29 a barrel, and the global benchmark Brent gained 4.1% to $65.37 a barrel. Henry Hub natural gas futures jumped 8% to $3.75 per 1 million BTU.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 2.8 million barrels in the week ended Friday following an increase of 6.4 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 2.6 million after a gain of 6.2 million in the previous week, as expected in a survey compiled by Bloomberg.

In corporate news, Eni (E) expects investors eyeing a minority stake in its renewables and retail arm Plenitude to value the business at over 10 billion euro ($11 billion) including debt, Reuters reported. Eni shares climbed 5.3%.

Constellation Energy ( CEG ) shares surged 17% after Citigroup upgraded the stock to buy from neutral.

TXNM Energy ( TXNM ) shares added 3.6% after the Hearing Examiners of the New Mexico Public Regulation Commission recommended approval of an unopposed stipulation filed by its unit, PNM, and other parties in the 2025 rate request application.

Chevron ( CVX ) is planning to ramp up the use of "triple-frac," a means of fracturing subterranean rock in three wells simultaneously in the Permian basin to contain time and costs related to oil production, Reuters reported, citing an interview with Jeff Newhook, the company's completions operations manager. Chevron ( CVX ) shares gained 7%.