01:40 PM EDT, 05/08/2024 (MT Newswires) -- Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each shedding 0.1%.

The Philadelphia Oil Service Sector index was posting a 0.3% decline, and the Dow Jones US Utilities index was rising 0.7%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 400,000 barrels in the week ended May 3 following an increase of 7.9 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 1.4 million barrels after a 7.3-million-barrel gain in the previous week.

Front-month West Texas Intermediate crude oil was rising 0.4% to $78.71 a barrel while the global benchmark Brent crude contract was advancing 0.2% to $83.33 a barrel. Henry Hub natural gas futures were 1.2% lower at $2.18 per 1 million BTU.

In corporate news, Global Partners ( GLP ) reported a Q1 net loss Wednesday of $0.37 per diluted common limited partner unit, swinging from earnings of $0.70 a year earlier. An analyst polled by Capital IQ expected earnings of $0.10. Its shares tumbled more than 7%.

New Fortress Energy ( NFE ) reported Q1 adjusted earnings Wednesday of $0.67 per diluted share, down from $0.90 a year earlier. Analysts polled by Capital IQ expected $0.64. Its shares added 2.5%

Shell's (SHEL) Shell Singapore unit has reached an agreement to sell its Energy and Chemicals Park in Singapore to a joint venture company comprised of Glencore Asian Holdings and Chandra Asri Capital. Shell was down 0.8%.