01:43 PM EDT, 08/01/2024 (MT Newswires) -- Energy stocks fell Thursday afternoon, with the NYSE Energy Sector Index declining 2.3% and the Energy Select Sector SPDR Fund (XLE) dropping 2.6%.

The Philadelphia Oil Service Sector index slumped 4.6%, and the Dow Jones US Utilities index rose 1.7%.

West Texas Intermediate crude oil fell 1.2% to $76.97 a barrel, while global benchmark Brent dropped 0.9% to $80.12 a barrel.

US natural-gas stocks rose 18 billion cubic feet in the week ended Friday, a smaller gain than the 29 billion increase expected in a survey compiled by Bloomberg and following a gain of 22 billion in the previous week.

Henry Hub natural-gas futures fell 0.8% lower at $2.019 per 1 million BTU.

In corporate news, Occidental Petroleum ( OXY ) said Ecopetrol ( EC ) decided not to buy a stake in the CrownRock assets. Occidental shares fell 2.8%, and Ecopetrol ( EC ) dropped 3.2%.

Valaris ( VAL ) shares tumbled 6.5% after the company reported its Q2 results.

Genesis Energy (GEL) shares were falling 4.5% after the company swung to a Q2 net loss.