03:35 PM EDT, 06/04/2025 (MT Newswires) -- Energy stocks were falling late Wednesday afternoon, with the NYSE Energy Sector Index decreasing 1.4% and the Energy Select Sector SPDR Fund (XLE) down 1.6%.

The Philadelphia Oil Service Sector index dropped 1.6%, and the Dow Jones US Utilities index shed 1.2%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.8 million barrels in the week ended May 30, following a decrease of 2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 4.3 million barrels after a 2.8-million-barrel drop in the previous week, a larger decline than the 3.1-million-barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil declined 0.8% to $62.90 a barrel, and the global benchmark Brent crude contract dropped 1.1% to $64.94 a barrel. Henry Hub natural gas futures were up 0.3% at $3.73 per 1 million BTU.

In corporate news, Centrus Energy ( LEU ) shares jumped nearly 8%. The company holds a unique position as the world's only publicly traded nuclear enrichment company, offering investors exposure to growing demand for carbon-free power, BofA Securities said Wednesday in a report. BofA started coverage of Centrus with a buy rating and a $160 price target.