01:33 PM EDT, 04/10/2025 (MT Newswires) -- Energy stocks slumped Thursday afternoon, with the NYSE Energy Sector Index dropping 6.8% and the Energy Select Sector SPDR Fund (XLE) tumbling 6.7%.

The Philadelphia Oil Service Sector index was sliding 9.5%, and the Dow Jones US Utilities index decreased 1.5%.

Front-month West Texas Intermediate crude oil was declining 4.9% to $59.30 a barrel, and the global benchmark Brent crude contract was dropping 4.4% to $62.57 a barrel.

US natural gas stocks rose by 57 billion cubic feet in the week ended April 4, slightly smaller than the 58 billion cubic foot increase expected in a survey compiled by Bloomberg and following an increase of 29 billion cubic feet in the previous week.

Henry Hub natural gas futures fell 8.5% to $3.49 per 1 million BTU.

In corporate news, AES ( AES ) shares dropped 8.4% after Jefferies downgraded the company to hold from buy and cut its price target to $10 from $15.