03:49 PM EDT, 04/01/2026 (MT Newswires) -- Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index falling 3% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 3.6%.

The Philadelphia Oil Service Sector Index was shedding 1.7%, and the Dow Jones US Utilities Index rose 0.7%.

Front-month West Texas Intermediate crude oil fell 1.7% to $99.68 a barrel, and the global benchmark Brent crude contract dropped 2.9% to $101.00 a barrel. Henry Hub natural gas futures fell 2.3% to $2.82 per 1 million BTU.

In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 5.1 million barrels in the week ended March 27 following a rise of 6.9 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose 5.5 million barrels after a 6.9-million-barrel increase in the previous week, a larger gain than the 2-million-barrel increase expected in a Bloomberg survey.

In corporate news, Fermi America (FRMI) said Wednesday it has secured a committed financing facility of up to $156.25 million from Yorkville Advisors. Fermi shares fell 7%.