01:38 PM EDT, 09/25/2024 (MT Newswires) -- Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index decreasing 1.8% and the Energy Select Sector SPDR Fund (XLE) down 1.9%.

The Philadelphia Oil Service Sector index was posting a 3.4% drop, and the Dow Jones US Utilities index was up 0.3%.

Front-month West Texas Intermediate crude oil was declining 2.7% to $69.66 a barrel while the global benchmark Brent crude contract was dropping 2.4% to $73.38 a barrel. Henry Hub natural gas futures were 1.8% higher at $2.84 per 1 million BTU.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.2 million barrels in the week ended Sept. 20 following a decrease of 1.0 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 4.5 million barrels after a 1.6-million-barrel drop in the previous week, a larger drop than the 1.4-million-barrel decrease expected in a survey compiled by Bloomberg as of 7:30 am ET.

In corporate news, Marathon Petroleum ( MPC ) and the Teamsters union remain at a standstill in labor negotiations as a new labor agreement stagnates and the strike at the Detroit refinery enters its third week, Reuters reported Tuesday. Marathon shares were easing 0.3%.