Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index falling 4.7% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 5.2%.

The Philadelphia Oil Service Sector Index was decreasing 3.5%, and the Dow Jones US Utilities Index was up 0.4%.

Front-month West Texas Intermediate crude oil fell 7.6% to $88.75 a barrel, and the global benchmark Brent crude contract slumped 7.9% to $95.39 a barrel. Henry Hub natural gas futures rose 2.1% to $2.96 per 1 million BTU.

In corporate news, Vistra (VST) shares fell past 13% after KeyBanc downgraded the Texas-based energy company to sector weight from overweight.