03:52 PM EDT, 04/30/2025 (MT Newswires) -- Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index falling 2.6% and the Energy Select Sector SPDR Fund (XLE) dropping 3.2%.

The Philadelphia Oil Service Sector index slumped 3.3%, and the Dow Jones US Utilities index shed 1.2%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 1.6 million barrels in the week ended April 25, following an increase of 700,000 barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 2.7 million barrels after a 200,000-barrel increase in the previous week, compared with the 579,000-barrel decrease expected in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil declined 3.9% to $58.07 a barrel, and the global benchmark Brent crude contract dropped 1.8% to $63.12 a barrel. Henry Hub natural gas futures were 1.34% lower at $3.34 per 1 million BTU.

In corporate news, Public Service Enterprise ( PEG ) shares dropped 2.8%. The company reported Q1 non-GAAP operating earnings Wednesday of $1.43 per diluted share, up from $1.31 a year earlier. Analysts polled by FactSet expected $1.44.

Sunnova Energy International ( NOVA ) shares tumbled 18%. The company is seeking funds from creditors to prepare for a potential bankruptcy, news outlets reported late Tuesday.

Equinor ( EQNR ) could lose billions of dollars after the US government stopped its offshore wind project near New York, media outlets reported Wednesday, citing a company statement. Its shares slumped 3.8%.

Spire (SR) shares fell 1.3% after the company reported fiscal Q2 adjusted earnings and operating revenue that missed market expectations.