Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 1.1% and the Energy Select Sector SPDR Fund (XLE) adding 1.2%.

The Philadelphia Oil Service Sector index was climbing 4.2%, while the Dow Jones US Utilities index was down 0.8%.

US commercial crude oil stocks, excluding inventories in the Strategic Petroleum Reserve, fell by 3.2 million barrels in the week ended July 18, following a 3.9 million barrel drop in the previous week and compared with the 1.5-million-barrel decline forecast in a survey compiled by Bloomberg.

Front-month West Texas Intermediate crude oil was declining 0.3% to $65.12 a barrel, and the global benchmark Brent crude contract was shedding 0.4% to $68.35 a barrel. Henry Hub natural gas futures were 5.2% lower at $3.08 per 1 million BTU.

In corporate news, Baker Hughes (BKR) shares jumped past 9% following its Q2 results.

GE Vernova (GEV) shares surged over 12%. The company reported Q2 earnings of $1.86 per share, down from $4.65 a year ago. Analysts polled by FactSet expected $1.76 per share.

American Electric Power (AEP) shares were down 1.1%. The firm said Wednesday that board chair Sara Martinez Tucker will resign for personal reasons, effective July 31.