01:32 PM EDT, 05/14/2024 (MT Newswires) -- Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each decreasing 0.3%.

The Philadelphia Oil Service Sector index was up 0.2%, and the Dow Jones US Utilities index was shedding 0.3%.

Front-month West Texas Intermediate crude oil was declining 1.4% to $77.99 a barrel while the global benchmark Brent crude contract was dropping 1.3% to $82.30 a barrel. Henry Hub natural gas futures were 0.4% lower at $2.37 per 1 million BTU.

In corporate news, Plug Power ( PLUG ) shares surged almost 27% after it said Tuesday it has secured a conditional commitment for an up to $1.66 billion loan guarantee from the US Department of Energy to fund the development and construction of up to six green hydrogen production plants.