01:24 PM EDT, 05/22/2024 (MT Newswires) -- Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index decreasing 1% and the Energy Select Sector SPDR Fund (XLE) down 1.3%.

The Philadelphia Oil Service Sector index was posting a 2.6% drop, and the Dow Jones US Utilities index was shedding 0.5%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 2.8 million barrels in the week ended May 17 following a decrease of 1.9 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 1.8 million barrels after a 2.5-million-barrel drop in the previous week, compared with the 2-million-barrel decrease expected in a survey compiled by Bloomberg as of 7:50 am ET.

Front-month West Texas Intermediate crude oil was declining 0.6% to $78.16 a barrel while the global benchmark Brent crude contract was decreasing 0.6% to $82.41 a barrel. Henry Hub natural gas futures jumped 3.8% to $2.77 per 1 million BTU.

In corporate news, alternative asset manager Kimmeridge has withdrawn its independent nominees to the board of SilverBow Resources ( SBOW ) in light of the oil and gas company's pending sale to Crescent Energy ( CRGY ) , according to a press release Wednesday. SilverBow shares were declining 0.9% and Crescent was falling 1.5%.