Energy Sector Update for 01/25/2023: RUN,CRGY,NFE

Energy stocks were slumping this afternoon, with the NYSE Energy Sector Index falling 0.9% while the Energy Select Sector SPDR Fund (XLE) was down 0.5%. The Philadelphia Oil Service Sector index, however, was posting a 2.3% advance although the Dow Jones US Utilities Index was slipping 1.1%.

West Texas Intermediate crude oil was inching up 0.3% to $80.34 per barrel after the Energy Information Administration Wednesday said commercial inventories grew by 500,000 barrels during the seven days ended Jan. 20, down compared with the prior week's 8.4-million-barrel increase and market expectations for a 1.5-million-barrel rise last week.