01:34 PM EDT, 05/23/2024 (MT Newswires) -- Energy stocks were declining Thursday afternoon, with the NYSE Energy Sector Index decreasing 0.3% and the Energy Select Sector SPDR Fund (XLE) down 0.5%.

The Philadelphia Oil Service Sector index was shedding 0.6%, and the Dow Jones US Utilities index was falling 1.1%.

Front-month West Texas Intermediate crude oil was declining 1.3% to $76.59 a barrel while the global benchmark Brent crude contract was down 1.1% to $81.02 a barrel.

US natural gas stocks rose by 78 billion cubic feet in the week ended May 17, a smaller gain than the 85 billion increase expected in a survey compiled by Bloomberg as of 7:35 am ET and following an increase of 70 billion cubic feet in the previous week. Stocks at 2.711 trillion cubic feet are 17.4% higher than in the comparable week a year ago and 28.8% above their 5-year average.

Henry Hub natural gas futures tumbled 6.8% to $2.65 per 1 million BTU.

In corporate news, National Grid ( NGG ) said Thursday that it plans to invest $75 billion over the next five years across its service territory in the US and UK. Its shares sank nearly 13%.