01:46 PM EST, 01/22/2025 (MT Newswires) -- Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.6% and the Energy Select Sector SPDR Fund (XLE) shedding 0.7%.

The Philadelphia Oil Service Sector index dropped 1.6%, and the Dow Jones US Utilities index fell 1.5%.

Front-month West Texas Intermediate crude oil was easing 0.1% to $75.76 a barrel while the global benchmark Brent crude contract was fractionally higher at $79.32 a barrel. Henry Hub natural gas futures jumped 4.7% to $3.93 per 1 million BTU.

In corporate news, TotalEnergies (TTE) has further delayed its liquefied natural gas project worth $20 billion in Mozambique amid security concerns and political uncertainty, The Financial Times reported. TotalEnergies shares were down 1%.

US Energy ( USEG ) shares fell past 17% after it said Wednesday it has priced an underwritten public offering of about 4.2 million common shares at $2.65 per share for net proceeds of about $10.5 million.

Ormat Technologies ( ORA ) said Wednesday that it has signed a 10-year power purchase agreement with Calpine Energy Solutions. Ormat ( ORA ) shares were down 1.9%.