Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index falling 3.1% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 3.2%.

The Philadelphia Oil Service Sector Index was shedding 3.8%, and the Dow Jones US Utilities Index decreased 0.2%.

Front-month West Texas Intermediate crude oil fell 3.3% to $102.31 a barrel, and the global benchmark Brent crude contract shed 2.8% to $105.74 a barrel. Henry Hub natural gas futures declined 0.9% to $2.89 per 1 million BTU.

In corporate news, Delixy (DLXY) said it has struck a non-binding letter of intent with Caog for the acquisition or merger of up to 48% of shares in Tarbagatay Munay, the subsoil user and operator of the oil and gas project of Sarybulak Oil Field in East Kazakhstan. Delixy shares surged 285%.