Sector Update: Energy Stocks Lower in Wednesday Afternoon Trading

Energy stocks were declining Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.3% and the Energy Select Sector SPDR Fund (XLE) down 0.2%.

The Philadelphia Oil Service Sector index was posting a 0.6% decline, and the Dow Jones US Utilities index was rising 1.4%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 3.4 million barrels in the week ended April 12 following an increase of 6.4 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 2.7 million barrels after a 5.8-million-barrel gain in the previous week, a larger gain than the 1.7-million-barrel increase expected in a survey compiled by Bloomberg as of 7:55 am ET.

Front-month West Texas Intermediate crude oil tumbled 3% to $82.81 a barrel while the global benchmark Brent crude contract dropped 3% to $87.33 a barrel. Henry Hub natural gas futures were 2.3% lower at $1.69 per 1 million BTU.

In corporate news, Sunoco SUN shares jumped 5% after it said Wednesday it has completed the acquisition of European liquid fuel terminals from Zenith Energy and the sale of 204 convenience stores to 7-Eleven.

EQT EQT is mulling options for Belgian chemical distribution company Azelis after receiving interest from potential buyers, Bloomberg reported Wednesday. EQT shares gained 1.1%.

Constellation Energy CEG said Wednesday it has submitted a license renewal application for its Dresden clean energy center in Morris, Illinois, to the Nuclear Regulatory Commission. Its shares were falling 1.1%.