03:19 PM EST, 01/22/2025 (MT Newswires) -- Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index decreasing 1% and the Energy Select Sector SPDR Fund (XLE) shedding 1.1%.

The Philadelphia Oil Service Sector index dropped 2.2%, and the Dow Jones US Utilities index fell 1.5%.

Front-month West Texas Intermediate crude oil was down 0.5% to $75.43 a barrel while the global benchmark Brent crude contract shed 0.4 to $78.98 a barrel. Henry Hub natural gas futures jumped 5.6% to $3.97 per 1 million BTU.

In corporate news, Occidental Petroleum ( OXY ) is expected to report modest cash generation in Q4, with no major asset sales or significant debt reduction, UBS Securities said in an earnings preview. UBS increased the price target to $54 from $51 while keeping a neutral rating on the stock. Occidental shares were fractionally higher.