Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 1.3% and the Energy Select Sector SPDR Fund (XLE) up 1.4%.

The Philadelphia Oil Service Sector index added 1.2%, and the Dow Jones US Utilities index increased 0.1%

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 2 million barrels in the week ended March 14 following a rise of 1.7 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 1.7 million barrels after a 1.4 million barrel gain in the previous week, above the 1-million-barrel increase expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was rising 0.9% to $67.53 a barrel, and the global benchmark Brent crude contract was advancing 0.8% to $71.15 a barrel. Henry Hub natural gas futures rose 4.1% to $4.22 per 1 million BTU.

In sector news, President Donald Trump is set to host a meeting with top oil executives at the White House on Wednesday to discuss plans to boost domestic energy production as crude prices fall and trade wars loom, Reuters reported.

In corporate news, APA (APA) has cut about 300 jobs globally, or 10% to 15% of its workforce, as part of cost-cutting efforts, Bloomberg reported. APA shares rose 3.8%.

Venture Global's (VG) proposed CP2 liquefied natural gas export project for Cameron Parish, Louisiana, has received the US Department of Energy's approval, the regulator said. Venture shares added 1.7%.

Nabors Industries (NBR) said CFO William Restrepo will retire on Sept. 30. Its shares were up 1.2%.