01:42 PM EDT, 05/01/2024 (MT Newswires) -- Energy stocks declined in Wednesday afternoon trading with the NYSE Energy Sector Index falling 1.6% and the Energy Select Sector SPDR Fund (XLE) dropping 1.7%.

The Philadelphia Oil Service Sector index lost 1.6%, while the Dow Jones US Utilities index rose 1.3%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose 7.9 million barrels in the week ended April 26 following a decrease of 5.6 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose 7.3 million barrels after a decline of 6.4 million in the previous week, compared with a decrease of 2.5 million expected in a survey compiled by Bloomberg as of 7:30 am ET.

West Texas Intermediate crude oil slumped 3.3% to $79.21 a barrel, while the global benchmark Brent crude contract dropped 3.1% to $83.67 a barrel. Henry Hub natural gas futures declined 2.5% to $1.94 per 1 million BTU.

In corporate news, the Federal Trade Commission is prepared to decide whether to sue to block Exxon Mobil's ( XOM ) $60 billion acquisition of Pioneer Natural Resources ( PXD ) in the coming days, Bloomberg reported Wednesday. Exxon shares fell 1.7%, and Pioneer shares declined 1.5%.

EnLink Midstream ( ENLC ) shares tumbled 6% after the company reported lower Q1 earnings and revenue.

Linde ( LIN ) shares rose 1.2% after the company said Wednesday it will invest about $150 million to build and operate an on-site air separation unit in Boden, Sweden, as it struck a deal with H2 Green Steel to supply industrial gases to the green steel plant.