Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index down 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.5%.

The Philadelphia Oil Service Sector Index was falling 1.7%, and the Dow Jones US Utilities Index was fractionally higher.

Front-month West Texas Intermediate crude oil shed 0.7% to $88.86 a barrel, and the global benchmark Brent crude contract rose 0.4% to $100.93 a barrel. Henry Hub natural gas futures rose 2.9% to $3.20 per 1 million BTU.

In corporate news, ConocoPhillips (COP) is likely to accelerate share repurchases as it works to catch up on its 2026 shareholder return commitment, with strong operations helping offset Middle East disruptions and lower Surmont volumes, UBS said in a note. ConocoPhillips shares were up 0.4%.