Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each adding about 1.1%.

The Philadelphia Oil Service Sector Index advanced 1.4%, and the Dow Jones US Utilities Index climbed 1.4%.

West Texas Intermediate crude oil rose 1.2% at $58.67 a barrel, and global benchmark Brent gained 1% to $63.13 a barrel. Henry Hub natural gas futures climbed 2.7% to $4.60 per 1 million BTU.

US natural gas stocks fell 11 billion cubic feet in the week ended Friday, a larger drop than the 5 billion expected in a Bloomberg survey and following a fall of 14 billion in the previous week.

In sector news, Blackstone (BX) is in advanced talks to acquire MacLean Power Systems for more than $4 billion, Bloomberg reported.

In corporate news, Teck Resources (TECK) said that proxy advisory firms Institutional Shareholder Services and Glass Lewis recommended the company's shareholders to vote in favor of its merger with Anglo American. Teck shares rose 0.8%.

Venture Global (VG) shares climbed 3.6% after the company agreed to sell 1 million metric tons of liquefied natural gas annually to Tokyo Gas for 20 years starting in 2030.

Rio Tinto (RIO) is looking to sell its US assets that produce the critical mineral boron, Bloomberg reported. Rio shares added 1.7%.

Talen Energy (TLN) shares gained 3% a day after the company completed the acquisitions of the Freedom Generating Station in Pennsylvania and the Guernsey Power Station in Ohio.