03:21 PM EDT, 05/15/2024 (MT Newswires) -- Energy stocks were declining late Wednesday afternoon, with the NYSE Energy Sector Index shedding 0.3% and the Energy Select Sector SPDR Fund (XLE) down 0.2%.

The Philadelphia Oil Service Sector index fell 0.4%, while the Dow Jones US Utilities index climbed 1.3%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell 1.9 million barrels in the week ended May 10 following a decrease of 400,000 in the previous week. Excluding inventories in the SPR, commercial crude stocks fell 2.5 million after a decline of 1.4 million in the previous week, a larger drop than the decrease of 600,000 expected in a survey compiled by Bloomberg.

West Texas Intermediate crude rose 1% to $78.78 a barrel, while global benchmark Brent advanced 0.6% to $82.86 a barrel. Henry Hub natural-gas futures spiked 3.3% to $2.42 per 1 million BTU.

In corporate news, Exxon Mobil ( XOM ) shares gained 0.4% as Morgan Stanley resumed coverage of the company with an overweight rating and $145 price target.