03:45 PM EST, 01/08/2025 (MT Newswires) -- Energy stocks fell late Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.8% and the Energy Select Sector SPDR Fund (XLE) down 0.3%.

The Philadelphia Oil Service Sector index dropped 2.4%, and the Dow Jones US Utilities index shed 0.5%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell 700,000 barrels in the week ended Friday following a decrease of 900,000 in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell 1 million after a decline of 1.2 million in the previous week, compared with a 2 million drop expected in a survey compiled by Bloomberg.

West Texas Intermediate crude oil declined 1.1% to $73.41 a barrel, while global benchmark Brent dropped 1% to $76.25 a barrel.

US natural gas stocks fell 40 billion cubic feet in the week ended Friday, as expected in a survey compiled by Bloomberg and following a decrease of 116 billion in the previous week.

Henry Hub natural gas futures jumped 6.6% to $3.68 per 1 million BTU.

In corporate news, Algonquin Power & Utilities ( AQNB ) sold its nonregulated renewable energy business, excluding its hydro fleet, to LS Power. Algonquin shares eased 0.1%.

Chevron ( CVX ) Chief Executive Michael Wirth said Wednesday he expects a "prompt close" later this year of the company's planned acquisition of rival energy company Hess (HES). Chevron ( CVX ) shares rose 0.2% and Hess added 0.7%.

Constellation Energy ( CEG ) is in talks to buy Calpine in a deal that would value the energy company at $30 billion, including debt, Bloomberg reported. Constellation shares were falling 5%.

Shell (SHEL) shares were down 2.1% after the company said it expects weaker Q4 oil and gas trading results compared with the previous quarter due to lower liquefied natural gas production and lower trading performance.