03:27 PM EST, 01/08/2025 (MT Newswires) -- Energy stocks fell late Wednesday afternoon with the NYSE Energy Sector Index decreasing 1% and the Energy Select Sector SPDR Fund (XLE) down 0.3%.

The Philadelphia Oil Service Sector index dropped 2.4%, and the Dow Jones US Utilities index shed 0.5%.

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

West Texas Intermediate crude oil declined 1.1% to $73.47 a barrel, while global benchmark Brent dropped 0.9% to $76.33 a barrel.

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

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

In corporate news, Algonquin Power & Utilities ( AQNB ) sold its nonregulated renewable energy business, excluding its hydro fleet, to LS Power. Algonquin shares were unchanged.