02:01 PM EDT, 07/16/2025 (MT Newswires) -- Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index down 0.3% and the Energy Select Sector SPDR Fund (XLE) shedding 0.5%.

The Philadelphia Oil Service Sector index was decreasing 0.8%, while the Dow Jones US Utilities index was fractionally higher.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 4.2 million barrels in the week ended July 11 following an increase of 7.3 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 3.9 million barrels after a 7.1-million-barrel gain in the previous week. Stocks in the SPR fell by 300,000 in the week after rising by 200,000 in the previous week.

Front-month West Texas Intermediate crude oil was easing 0.5% to $66.18 a barrel, and the global benchmark Brent crude contract was decreasing 0.4% to $68.43 a barrel. Henry Hub natural gas futures were little changed at $3.52 per 1 million BTU.

In corporate news, Allete's ( ALE ) planned acquisition by a partnership led by the Canada Pension Plan Investment Board and Global Infrastructure Partners doesn't meet Minnesota's public interest standard, Administrative Law Judge Megan McKenzie said Tuesday, according to a court document. Allete ( ALE ) shares were shedding 0.7%.

TotalEnergies (TTE) said Wednesday its Q2 exploration and production results will be hit by lower liquids prices but will remain supported by production growth. Its shares rose 0.3%.

Obsidian Energy ( OBE ) shares rose 1.7% after it said Wednesday it has received a non-binding offer from a third party to buy its 32.7% stake in InPlay Oil.

Eni (E) has agreed to buy 2 million tonnes per annum of liquefied natural gas from Venture Global's ( VG ) CP2 LNG project for 20 years, the companies said Wednesday. Eni shares rose 0.9%, while Venture Global ( VG ) was down 2.6%.