01:36 PM EST, 01/08/2025 (MT Newswires) -- Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.9% and the Energy Select Sector SPDR Fund (XLE) down 0.3%.

The Philadelphia Oil Service Sector index dropped 2.1%, and the Dow Jones US Utilities index fell 1%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 700,000 barrels in the week ended Jan. 3 following a decrease of 900,000 barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 1 million barrels after a 1.2-million-barrel decline in the previous week, compared with the 2 million barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was declining 1.4% to $73.24 a barrel while the global benchmark Brent crude contract was dropping 1.2% to $76.09 a barrel.

US natural gas stocks fell by 40 billion cubic feet in the week ended Jan. 3, as expected in a survey compiled by Bloomberg and following a decrease of 116 billion cubic feet in the previous week.

Henry Hub natural gas futures jumped 6% to $3.66 per 1 million BTU.

In corporate news, Constellation Energy ( CEG ) is in talks to buy Calpine in a deal that would value the energy company at $30 billion, including debt, Bloomberg reported. Constellation shares were falling nearly 6%.