01:31 PM EDT, 04/11/2024 (MT Newswires) -- Energy stocks were lower Thursday afternoon, with the NYSE Energy Sector Index decreasing 0.6% and the Energy Select Sector SPDR Fund (XLE) down 0.5%.

The Philadelphia Oil Service Sector index was posting a 0.7% drop, and the Dow Jones US Utilities index was slightly lower.

Front-month West Texas Intermediate crude oil was declining 0.9% to $85.42 a barrel while the global benchmark Brent crude contract was decreasing 0.6% to $89.91 a barrel.

US natural gas stocks rose by 24 billion cubic feet in the week ended April 5, faster than the 13 billion cubic foot increase expected in a survey compiled by Bloomberg and following a decrease of 37 billion cubic feet in the previous week. Stocks at 2.283 trillion cubic feet are 23.5% higher than in the comparable week a year ago and 38.4% above their 5-year average.

Henry Hub natural gas futures tumbled 5.8% to $1.77 per 1 million BTU.

In corporate news, Battalion Oil ( BATL ) shares fell more than 19% after the company said Thursday it was informed that Fury Resources would fail to meet some funding deadlines for the acquisition of Battalion.