01:41 PM EDT, 03/25/2026 (MT Newswires) -- Energy stocks were mixed Wednesday afternoon, with the NYSE Energy Sector Index increasing 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.3%.

The Philadelphia Oil Service Sector Index added 0.6%, and the Dow Jones US Utilities Index rose 1%.

Front-month West Texas Intermediate crude oil fell 1.8% to $90.65 a barrel, and the global benchmark Brent crude contract was dropping 2.5% to $101.89 a barrel. Henry Hub natural gas futures rose 0.5% to $2.96 per 1 million BTU.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 6.9 million barrels in the week ended March 20 following an increase of 6.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks increased by 6.9 million barrels after a 6.2 million barrel increase in the previous week, a larger gain than the 1.3-million-barrel decrease expected in a survey compiled by Bloomberg.

In corporate news, Chevron ( CVX ) may stop refining oil in California unless taxes and regulations are eased, Bloomberg reported. California is particularly vulnerable because it imports about 20% of its refined fuel from Asia, Bloomberg reported, adding that supply risks are rising as Iran blocks the Strait of Hormuz, potentially slowing shipments from key suppliers, such as China, South Korea and Singapore. Chevron ( CVX ) shares were down 0.7%.