01:28 PM EDT, 10/23/2024 (MT Newswires) -- Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index falling 1% and the Energy Select Sector SPDR Fund (XLE) down 0.8%.

The Philadelphia Oil Service Sector index dropped 1.3%, while the Dow Jones US Utilities index was rising 0.6%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rebounded by 6.2 million barrels in the week ended Oct. 18 following a decrease of 1.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rebounded by 5.5 million barrels after a 2.2-million-barrel decline in the previous week, a much larger gain than the 1-million-barrel increase expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was declining 1.4% to $70.71 a barrel while the global benchmark Brent crude contract was dropping 1.5% to $74.93 a barrel. Henry Hub natural gas futures were shedding 0.8% to $2.29 per 1 million BTU.

In corporate news, NextEra Energy Partners ( NEP ) shares tumbled 15% after the company reported a loss in Q3.