01:30 PM EST, 01/22/2025 (MT Newswires) -- Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.6% and the Energy Select Sector SPDR Fund (XLE) shedding 0.7%.

The Philadelphia Oil Service Sector index dropped 1.6%, and the Dow Jones US Utilities index fell 1.5%.

Front-month West Texas Intermediate crude oil was easing 0.1% at $75.76 a barrel while the global benchmark Brent crude contract was fractionally higher at $79.32 a barrel. Henry Hub natural gas futures jumped 4.7% to $3.93 per 1 million BTU.

In corporate news, TotalEnergies (TTE) has further delayed its liquefied natural gas project worth $20 billion in Mozambique amid security concerns and political uncertainty, the Financial Times reported. TotalEnergies shares were down 0.9%.