Equities in the oil and gas sector took their cue from a jump in oil futures, which rallied above $71 a barrel after the Energy Department reported that crude inventories plunged by 8.4 million barrels last week. The figure surprised analysts, which had expected a rise of 1.1 million barrels, according to a survey by Platts. The government also reported declines in gasoline and distillate supplies. See Futures Movers. OSX 170.02, +1.44, +0.85% SPX 987.59, -2.08, -0.21% 50%25%0%-25%-50% 09FMAMJJA Also in the mix on Wednesday: a natural gas discovery in Australia was announced by Chevron (CVX 67.48, +0.54, +0.80%) at drilling sites jointly owned by Royal Dutch Shell (RDS .A 52.58, +0.54, +1.04%) . Hurricane Bill strengthened to a Category 4 storm in the Atlantic Ocean, but was expected to take a path away from the U.S.'s energy infrastructure and remain at sea. Among the major indexes in the energy sector, the NYSE Arca Oil Index (XOI 942.82, +8.04, +0.86%) rose 0.8% to 942. The NYSE Arca Natural Gas Index (XNG 453.05, +3.04, +0.68%) rose 0.4% to 452. The Philadelphia Oil Service Index (OSX 170.02, +1.44, +0.85%) rose 0.3% to 169. Chevron rose 0.7% to $67.40. The oil major announced two natural gas discoveries off the coast of Western Australia. Royal Dutch Shell shares rose 0.7% to $52.40. The Clio-2 well discovered 375 feet (115 meters) of net gas pay in a well dug in 3,200 feet of sea water. Chevron owns two thirds of the well and Royal Dutch Shell owns the remaining stake. The company also made a discovery with the Kentish Knock-1 well, which was drilled in approximately 4,000 feet of water to a total depth of approximately 8,300 feet. Chevron and Shell each own a 50% stake in that site. The discoveries come just a day after Exxon Mobil lined up a buyer for liquid natural gas from Western Australia, as PetroChina agreed to take product from the delayed Gorgon project in the region.

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