03:46 PM EDT, 05/14/2024 (MT Newswires) -- Energy stocks were easing late Tuesday afternoon, with the NYSE Energy Sector Index down 0.1% and the Energy Select Sector SPDR Fund (XLE) fractionally lower.

The Philadelphia Oil Service Sector index was up 0.8%, and the Dow Jones US Utilities index was adding 0.1%.

Front-month West Texas Intermediate crude dropped 1.3% to $78.06 a barrel, while global benchmark Brent fell 1.1% to $82.40 a barrel. Henry Hub natural-gas futures were 1.5% lower at $2.35 per 1 million BTU.

In corporate news, Kinder Morgan ( KMI ) shares were up 1.1% as Ameriprise started coverage of the company with a buy rating.

Plug Power ( PLUG ) shares surged 19.2% after it said Tuesday it has secured a conditional commitment for an up to $1.66 billion loan guarantee from the US Department of Energy to fund the development and construction of up to six green hydrogen production plants.

Clean Energy Fuels ( CLNE ) jumped 10.5% after the company and dairy digester developer Maas Energy Works said they have agreed to jointly develop nine renewable natural gas production facilities expected to cost about $130 million.

Kolibri Global Energy ( KGEI ) shares fell 1% as it said Tuesday that the borrowing base of its indirect unit, BNK Petroleum, was raised to $50 million from $40 million.