03:26 PM EDT, 09/03/2025 (MT Newswires) -- Energy stocks declined late Wednesday afternoon, with the NYSE Energy Sector Index falling 2% and the Energy Select Sector SPDR Fund (XLE) dropping 2.5%.

The Philadelphia Oil Service Sector Index lost 2.8%, and the Dow Jones US Utilities Index shed 0.5%.

West Texas Intermediate crude oil declined 2.7% to $63.83 a barrel, and global benchmark Brent dropped 2.4% to $67.48 a barrel. Henry Hub natural gas futures rose 1.8% to $3.06 per 1 million BTU.

In corporate news, Diamondback Energy ( FANG ) shares fell past 5% after KeyBanc cut its price target on the company to $176 from $180 while maintaining its overweight rating. Johnson Rice also cut Diamondback's price target to $190 from $200.