03:31 PM EDT, 04/03/2025 (MT Newswires) -- Energy stocks slumped late Thursday afternoon with the NYSE Energy Sector Index dropping 5.5% and the Energy Select Sector SPDR Fund (XLE) tumbling 7.2%.

The Philadelphia Oil Service Sector Index plunged 11%, and the Dow Jones US Utilities Index rose 0.2%.

West Texas Intermediate crude oil fell 6.8% to $66.81 a barrel, and global benchmark Brent dropped 6.6% to $70.03 a barrel. OPEC+ plans to add more new supply than expected in May, surprising traders.

US natural gas stocks rose by 29 billion cubic feet in the week ended Friday, topping the 27 billion increase expected in a survey compiled by Bloomberg and following a gain of 37 billion in the previous week.

Henry Hub natural gas futures rose 1.2% to $4.11 per 1 million BTU.

In corporate news, BP (BP) is dissolving its low-carbon mobility team, which studied using hydrogen and liquefied natural gas for transport, media outlets reported. BP shares fell 6.9%.