Energy sector stocks on the S&P 500 I:GSPC index were running up the charts Wednesday, led by the likes of Murphy Oil (MUR) - Get Report, Newfield Exploration (NFX) and Chesapeake Exploration (CHK) - Get Report.
The sector was up nearly 2% as a whole by Wednesday's closing bell with integrated oil majors Chevron (CVX) - Get Report and ExxonMobil (XOM) - Get Report both up about 0.5%, and oil and natural gas production companies up more than 2% on average, according to Factset.
The rally comes as the U.S. Energy Information Administration reported U.S. crude oil stockpiles fell by 5.2 million barrels in the week ended Oct. 14.
The larger-than-expected inventory drop sent West Texas Intermediate crude futures to a one-year high of $51.89 on Wednesday afternoon.
WTI crude contracts for November delivery were trading up about 2.2% at $51.41 by market close Wednesday. Global benchmark Brent crude contracts were also up about 1.7% to $52.55 around 4 p.m.
In contrast, independent oil and petroleum product refiners were slumping Wednesday afternoon as the EIA reported total motor gasoline inventories increased by 2.5 million barrels week-over-week.
Meanwhile, an unexpected third quarter profit reported Wednesday by oilfield services provider Halliburton (HAL) - Get Reportbrought its stock up more than 4% and with it the company's respective sector.
Industry-leading Schlumberger (SLB) - Get Report (reporting third quarter earnings Thursday) and smaller competitor Baker Hughes (BHI) were propped up 2.5% and 2.4%, respectively, on their peer's good tidings.
With the help of solid energy and industrial sector performances, the S&P 500 index finished Wednesday trading up 0.22%.