Sector Update: Energy Stocks Decline Late Afternoon

Energy stocks declined late Wednesday, with the NYSE Energy Sector Index down 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) falling 0.5%. Crude oil prices also dropped, with West Texas Intermediate at $57.45 per barrel. US crude oil stocks fell by 1.7 million barrels, while natural gas stocks decreased by 38 billion cubic feet. In corporate news, Talos Energy shares fell 2.1%, while PowerBank shares rose 10% after securing a loan agreement. PG&E plans to cut electric rates by 5%, leading to a 0.5% increase in its shares.