03:09 PM EST, 12/18/2024 (MT Newswires) -- Energy stocks were in the red late Wednesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each dropping 1.2%

The Philadelphia Oil Service Sector index slumped 2%, and the Dow Jones US Utilities index fell 1.4%.

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, against the 1.7-million-barrel decrease expected in a Bloomberg survey.

Front-month West Texas Intermediate crude oil was up 0.5% at $70.40 a barrel while the global benchmark Brent crude contract was marginally higher at $73.21 a barrel. Henry Hub natural gas futures spiked 2.7% to $3.40 per 1 million BTU.

In corporate news, Oklo ( OKLO ) said it signed a non-binding master power agreement with Switch to develop, build and operate 12 gigawatts of Aurora powerhouse projects through 2044. Oklo ( OKLO ) shares were easing 0.4%.