01:29 PM EDT, 08/02/2024 (MT Newswires) -- Energy stocks were sharply lower Friday afternoon, with the NYSE Energy Sector Index dropping 2.7% and the Energy Select Sector SPDR Fund (XLE) falling 3.2%.

The Philadelphia Oil Service Sector Index slumped 5.2%, and the Dow Jones US Utilities Index was shedding 0.6%.

Front-month West Texas Intermediate crude oil was down 3.6% to $73.54 a barrel while the global benchmark Brent crude contract was dropping 3.2% to $76.97 a barrel. Henry Hub natural gas futures were 2.1% lower at $1.93 per 1 million BTU.

In corporate news, Chevron ( CVX ) reported Q2 adjusted earnings Friday of $2.55 per diluted share, down from $3.08 a year earlier and below the Capital IQ consensus analyst estimate of $3. Its shares fell 3.5%.