03:30 PM EDT, 04/10/2025 (MT Newswires) -- Energy stocks were falling late Thursday afternoon, with the NYSE Energy Sector Index dropping 6% and the Energy Select Sector SPDR Fund (XLE) sliding 6.8%.

The Philadelphia Oil Service Sector index tumbled 9.1%, and the Dow Jones US Utilities index eased 0.1%.

Front-month West Texas Intermediate crude oil fell 3.4% to $60.26 a barrel, and the global benchmark Brent crude contract dropped 3% to $63.52 a barrel.

US natural gas stocks rose by 57 billion cubic feet in the week ended April 4, against the 58 billion cubic foot rise expected in a Bloomberg survey and following a rise of 29 billion cubic feet in the previous week.

Henry Hub natural gas futures fell 7.4% to $3.53 per 1 million BTU.

In corporate news, Portland General Electric ( POR ) shares shed 1.4% after JPMorgan downgraded the company to neutral from overweight and cut its price target to $44 from $50.