Sector Update: Energy Stocks Mixed in Wednesday Afternoon Trading

Energy stocks were mixed Wednesday afternoon with the NYSE Energy Sector Index little changed, paring earlier losses, and the Energy Select Sector SPDR Fund (XLE) adding 0.1%.

The Philadelphia Oil Service Sector index fell 0.2%, and the Dow Jones US Utilities index climbed 0.8%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell 1.9 million barrels in the week ended May 10 following a decrease of 400,000 in the previous week. Excluding inventories in the SPR, commercial crude stocks fell 2.5 million after a decline of 1.4 million in the previous week, a larger drop than the decrease of 600,000 expected in a survey compiled by Bloomberg as of 7:40 am ET.

West Texas Intermediate crude rose 0.7% to $78.53 a barrel, while global benchmark Brent advanced 0.6% to $82.86 a barrel. Henry Hub natural-gas futures climbed 1.7% to $2.384 per 1 million BTU.

In corporate news, Petrobras' PETR3 board approved the early termination of Chief Executive Officer Jean Paul Prates, effective immediately. Also, the board removed Sergio Caetano Leite as chief financial officer. Petrobras shares tumbled 7.2%.

ReNew Energy Global RNW shares jumped 5.1% after the company signed a memorandum of understanding with Societe Generale to support the financing and development of energy transition projects.

ConocoPhillips' COP "large and diverse asset base" offers flexibility in managing commodity price volatility, RBC Capital Markets said in a report. The investment firm raised the company's price target to $140 from $135 and maintained the outperform rating. ConocoPhillips shares rose 0.3%.