03:23 PM EDT, 05/14/2025 (MT Newswires) -- Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.7% and the Energy Select Sector SPDR Fund (XLE) down 0.6%.

The Philadelphia Oil Service Sector index rose 0.3%, and the Dow Jones US Utilities index shed 0.8%.

In sector news, the Organization of the Petroleum Exporting Countries on Wednesday maintained its global oil demand projections for 2025 and 2026, but reduced its world and US economic growth forecasts for this year.

Separately, US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 4 million barrels in the week ended May 9 following a decrease of 1.5 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rebounded by 3.5 million barrels after a 2-million-barrel decrease in the previous week, compared with the 2.2-million-barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was declined 1.1% to $63.00 a barrel, and the global benchmark Brent crude contract shed 1.1% to $65.92 a barrel. Henry Hub natural gas futures fell 4.6% to $3.48 per 1 million BTU.

In corporate news, Spruce Power ( SPRU ) shares rose 3.4% after it said Wednesday its board approved a plan for the buyback of up to $50 million of the company's shares on or before May 15, 2027.