01:26 PM EDT, 08/30/2024 (MT Newswires) -- Energy stocks were lower Friday afternoon, with the NYSE Energy Sector Index decreasing 0.8% and the Energy Select Sector SPDR Fund (XLE) down 0.6%.

The Philadelphia Oil Service Sector index was dropping 1.6%, and the Dow Jones US Utilities index was down 0.1%.

Front-month West Texas Intermediate crude oil was falling 2.9% to $73.68 a barrel while the global benchmark Brent crude contract was dropping 1.4% to $78.79 a barrel. Henry Hub natural gas futures were 0.6% lower at $2.12 per 1 million BTU.

In corporate news, Equinor ( EQNR ) plans to downsize its renewables division and is starting talks with unions about the impact on employees, Bloomberg reported Friday. Equinor ( EQNR ) shares were falling 1.4%.