01:27 PM EDT, 06/21/2024 (MT Newswires) -- Energy stocks were lower Friday afternoon, with the NYSE Energy Sector Index decreasing 0.3% and the Energy Select Sector SPDR Fund (XLE) down 0.1%.

The Philadelphia Oil Service Sector index was posting a 0.6% decline, and the Dow Jones US Utilities index was down 0.3%.

Front-month West Texas Intermediate crude oil was declining 1% to $80.49 a barrel while the global benchmark Brent crude contract was 0.8% lower at $84.99 a barrel.

US natural gas stocks rose by 71 billion cubic feet in the week ended June 14, larger than the 69 billion increase expected in a survey compiled by Bloomberg and following an increase of 74 billion cubic feet in the previous week. Stocks at 3.045 trillion cubic feet are 12.7% higher than in the comparable week a year ago and 22.6% above their 5-year average.

Henry Hub natural gas futures were 1.4% lower at $2.70 per 1 million BTU.

In corporate news, TotalEnergies (TTE) said Friday that, as a shareholder of Offshore Wind One, it has been awarded maritime concession N-11.2 covering 156 square kilometers in the North Sea by the German Federal Network Agency, allowing the development of a 3.5 GW offshore wind hub. TotalEnergies were falling 1%.