01:46 PM EDT, 04/24/2024 (MT Newswires) -- Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.5% and the Energy Select Sector SPDR Fund (XLE) down 0.2%.

The Philadelphia Oil Service Sector Index was posting a 1% decline, while the Dow Jones US Utilities Index was rising 0.4%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 5.6 million barrels in the week ended April 19 following a rise of 3.4 million barrels in the previous week. Excluding SPR inventories, commercial crude oil stocks fell by 6.4 million barrels after a 2.7-million-barrel gain in the previous week, compared with the 2-million-barrel rise expected in a Bloomberg survey.

Front-month West Texas Intermediate crude oil was declining 0.9% to $82.64 a barrel while the global benchmark Brent crude contract was shedding 0.7% to $87.78 a barrel. Henry Hub natural gas futures tumbled 6% to $1.70 per 1 million BTU.

In corporate news, Entergy ( ETR ) reported Q1 adjusted earnings of $1.08 per diluted share, compared with $1.14 a year earlier. Analysts surveyed by Capital IQ expected $1.50. Its shares were falling 0.6%.

Baker Hughes ( BKR ) reported Q1 adjusted earnings late Tuesday of $0.43 per share, up from $0.28 per share a year earlier. Analysts polled by Capital IQ expected $0.40. The company's shares fell 1.4%.

Halliburton ( HAL ) said that it has won a deep-water integrated multi-well construction contract with Rhino Resources. Halliburton ( HAL ) shares eased 0.4%.