01:29 PM EST, 12/18/2024 (MT Newswires) -- Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.3% and the Energy Select Sector SPDR Fund (XLE) down 0.5%.

The Philadelphia Oil Service Sector index posted a 0.6% increase, and the Dow Jones US Utilities index shed 0.2%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 400,000 barrels in the week ended Dec. 13 following a decrease of 700,000 barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 900,000 barrels after a 1.4-million-barrel drop in the previous week, compared with the 1.7-million-barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was rising 1.2% to $70.92 a barrel while the global benchmark Brent crude contract was advancing 0.7% to $73.72 a barrel. Henry Hub natural gas futures spiked 1.8% to $3.37 per 1 million BTU.

In corporate news, BW LPG ( BWLP ) shares rose 2.1% after it said Wednesday that Avance Gas now owns nearly 11% of its outstanding stock after issuing about 1.4 million common shares after taking delivery of the BW Monsoon liquefied petroleum gas vessel from Avance this week.