01:47 PM EST, 12/18/2024 (MT Newswires) -- Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index falling 0.3% and the Energy Select Sector SPDR Fund (XLE) down 0.5%.

The Philadelphia Oil Service Sector index posted a 0.6% increase, and the Dow Jones US Utilities index shed 0.2%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 400,000 barrels in the week ended Dec. 13 following a decrease of 700,000 barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 900,000 barrels after a 1.4-million-barrel drop in the previous week, against the 1.7-million-barrel decrease expected in a Bloomberg survey.

Front-month West Texas Intermediate crude oil was up 1.2% at $70.92 a barrel while the global benchmark Brent crude contract was advancing 0.7% to $73.72 a barrel. Henry Hub natural gas futures spiked 1.8% to $3.37 per 1 million BTU.

In corporate news, BW LPG ( BWLP ) shares rose 2.4% . BW said Avance Gas now owns nearly 11% of its shares following the issuance of 1.35 million shares for taking delivery of BW Monsoon liquefied petroleum gas vessel from Avance.

Riley Exploration Permian ( REPX ) said it has amended its senior secured revolving credit facility, extending the maturity to December 2028 from April 2026. Its shares were falling 1.9%.

Shell's (SHEL) BG International unit targets to submit a drilling plan to Suriname's environmental agency for up to four exploration wells at offshore Block 65, Reuters reported Tuesday. Shell shares were adding 0.1%.