01:27 PM EDT, 06/04/2024 (MT Newswires) -- Energy stocks were falling Tuesday afternoon, with the NYSE Energy Sector Index dropping 1.8% and the Energy Select Sector SPDR Fund (XLE) down 1.4%.

The Philadelphia Oil Service Sector index was posting a 2.3% drop, and the Dow Jones US Utilities index was decreasing 0.2%.

Front-month West Texas Intermediate crude oil was declining 1.1% to $73.39 a barrel while the global benchmark Brent crude contract was dropping 1% to $77.58 a barrel. Henry Hub natural gas futures were 3.5% lower at $2.66 per 1 million BTU.

In corporate news, Woodside Energy ( WDS ) and Saudi Aramco are discussing making investments in Tellurian's (TELL) liquefied natural gas export plant in Louisiana, Bloomberg reported Tuesday. Woodside shares were falling 1.3% and Tellurian jumped past 16%.