01:32 PM EDT, 05/27/2026 (MT Newswires) -- Energy stocks declined Wednesday afternoon, with the NYSE Energy Sector Index falling 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) decreasing 0.8%.

The Philadelphia Oil Service Sector Index slumped 2.7%, and the Dow Jones US Utilities Index shed 0.4%.

Front-month West Texas Intermediate crude oil was falling 4.2% to $89.95 a barrel, and the global benchmark Brent crude contract was dropping 3.8% to $95.79 a barrel. Henry Hub natural gas futures rose 4.2% to $3.02 per 1 million BTU.

In corporate news, Chevron ( CVX ) shareholders have rejected a proposal put forth at the company's annual general meeting that would have required appointing an independent board chair separate from the chief executive officer, Reuters reported, citing preliminary voting results. Chevron ( CVX ) shares were down 0.7%.