Sector Update: Energy Stocks Fall in Afternoon Trading

02:01 PM EDT, 09/16/2026 (MT Newswires) -- Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each dropping 1.9%. The Philadelphia Oil Service Sector Index was shedding 1.5%, and the Dow Jones US Utilities Index was up 0.5%. Front-month West Texas Intermediate crude oil was falling 3.1% to $102.53 a barrel, and the global benchmark Brent crude contract was declining 2.8% to $105.74 a barrel. Henry Hub natural gas futures fell 1% to $2.89 per 1 million BTU. US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 1.0 million barrels in the week ended Sept. 11 following a decrease of 1.6 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 600,000 barrels after a 400,000-barrel decline in the previous week, a smaller decline than the 1.5-million-barrel decrease expected in a survey compiled by Bloomberg. In geopolitical news, Saudi Arabia said a drone launched by the Houthis towards Mecca was intercepted, while the Iran-aligned militia group denied targeting the holy site, calling the accusation a "nauseating lie," Al Jazeera, a Middle Eastern broadcaster, reported Wednesday. The Houthis said they targeted oil facilities in Saudi Arabia's Yanbu port and Khamis Mushait airbase, the news report said, adding that Riyadh has not commented on the claims. In corporate news, National Fuel Gas (NFG) is exploring options for its integrated natural gas production business, Reuters reported. Any deal would value the unit at about $5 billion, the report said. Shares of the company were down 0.7%. Plains All American Pipeline (PAA) and Plains GP (PAGP) said Wednesday that a subsidiary has signed a definitive deal to acquire SCM PR II, known as Silver Creek, for about $585 million in cash from Tailwater Capital and Energy and Minerals units. Plains All American Pipeline shares fell 1.2%, and Plains GP shed 0.4%. Chord Energy (CHRD) said Wednesday it has agreed to sell gas-producing land assets to Posco International for $550 million. Chord Energy shares fell past 5%. Exxon Mobil (XOM) won approval for its Rose carbon-capture project in Texas, allowing the company to move forward with the development, Bloomberg reported. Exxon Mobil shares were down 2.7%.