01:58 PM EDT, 09/25/2024 (MT Newswires) -- Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index decreasing 1.8% and the Energy Select Sector SPDR Fund (XLE) down 1.9%.

The Philadelphia Oil Service Sector index was posting a 3.4% drop, and the Dow Jones US Utilities index was up 0.3%.

Front-month West Texas Intermediate crude oil was declining 2.7% to $69.57 a barrel, and the global benchmark Brent crude contract was falling 2.4% to $73.38 a barrel. Henry Hub natural gas futures were 1.8% higher at $2.84 per 1 million BTU.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.2 million barrels in the week ended Sept. 20 following a decrease of 1.0 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 4.5 million barrels after a 1.6-million-barrel drop in the previous week, a larger drop than the 1.4-million-barrel decrease expected in a survey compiled by Bloomberg.

In corporate news, Marathon Petroleum ( MPC ) and the Teamsters union remain at a standstill in labor negotiations as a new labor agreement stagnates and the strike at the Detroit refinery enters its third week, Reuters reported Tuesday. Marathon shares were easing 0.2%.

Vertex Energy ( VTNR ) shares plunged 52% after the company said overnight that it commenced Chapter 11 cases in the US Bankruptcy Court for the Southern District of Texas to facilitate its restructuring agreement with term loan lenders.

TXNM Energy ( TXNM ) said Wednesday that Chief Financial Officer Elisabeth Eden intends to retire. Its shares added 0.3%.