Energy stocks declined late Wednesday afternoon, with the NYSE Energy Sector Index easing 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) falling 1.3%.

The Philadelphia Oil Service Sector Index dropped 2.8%, and the Dow Jones US Utilities Index was down 1.3%.

Front-month West Texas Intermediate crude oil increased 0.7% to $76.55 a barrel, and the global benchmark Brent crude contract added 0.5% to $79.33 a barrel. Henry Hub natural gas futures fell 2.4% to $3.16 per 1 million BTU.

In corporate news, Devon Energy (DVN) is drawing fresh activist attention following its merger with Coterra Energy, with Toms Capital Investment Management having built a stake in the $50 billion shale producer, the Financial Times reported. Devon shares were down 0.3%.