03:24 PM EDT, 07/05/2024 (MT Newswires) -- Energy stocks were in the red late Friday afternoon, with the NYSE Energy Sector Index falling 1.2% and the Energy Select Sector SPDR Fund (XLE) dropping 1.8%.

The Philadelphia Oil Service Sector index was 1.6% lower, while the Dow Jones US Utilities index was fractionally lower.

Front-month West Texas Intermediate crude oil fell 0.8% to $83.19 a barrel, while the global benchmark Brent crude contract decreased 0.9% to $86.65 a barrel. Henry Hub natural gas futures tumbled 4.1% to $2.32 per 1 million BTU.

In corporate news, Chevron ( CVX ) is putting workers on furlough at a biodiesel plant in Oeding in northern Germany with the factory out of operation due to oversupply in the market, Bloomberg reported Friday. Chevron ( CVX ) shares were shedding 1.7%.