03:28 PM EDT, 04/30/2024 (MT Newswires) -- Energy stocks were declining late Tuesday afternoon, with the NYSE Energy Sector Index falling 2.2% and the Energy Select Sector SPDR Fund (XLE) dropping 2.4%.

The Philadelphia Oil Service Sector Index tumbled 4%, and the Dow Jones US Utilities Index was shedding 0.2%.

Front-month West Texas Intermediate crude oil fell 1.1% to $81.70 a barrel and the global benchmark Brent crude contract shed 0.6% to $87.86 a barrel. Henry Hub natural gas futures dropped 2.4% to $1.98 per 1 million BTU.

In corporate news, BP's (BP) Archaea Energy said Tuesday it has switched on its largest renewable natural gas plant in Shawnee, Kansas, just outside of Kansas City. BP shares were falling 1.6%.