03:56 PM EDT, 07/16/2025 (MT Newswires) -- Energy stocks fell late Wednesday afternoon with the NYSE Energy Sector Index dropping 0.5% and the Energy Select Sector SPDR Fund (XLE) shedding 0.6%.

The Philadelphia Oil Service Sector Index shed 1.1%, while the Dow Jones US Utilities Index was little changed.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 4.2 million barrels in the week ended Friday1 following an increase of 7.3 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 3.9 million after a gain of 7.1 million in the previous week. Stocks in the SPR fell by 300,000 in the week after rising by 200,000 in the previous week.

West Texas Intermediate crude oil was little changed at $66.56 a barrel, and global benchmark Brent was steady at $68.67 a barrel. Henry Hub natural gas futures increased 1.4% to $3.57 per 1 million BTU.

In corporate news, Phillips 66 (PSX) shares fell 3.1% after Citigroup downgraded the stock to neutral from buy.

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 fell 0.6%.

TotalEnergies (TTE) said Q2 exploration and production results will be hit by lower liquids prices but remain supported by production growth. The stock eased 0.1%.

Obsidian Energy ( OBE ) shares rose 0.7% after the company received a nonbinding offer from a third party to buy its 32.7% stake in InPlay Oil.