03:50 PM EDT, 06/07/2024 (MT Newswires) -- Energy stocks were were retreating late Friday afternoon, with the NYSE Energy Sector Index shedding 0.6% and the Energy Select Sector SPDR Fund (XLE) down 0.2%.

The Philadelphia Oil Service Sector Index was posting a 0.2% increase, and the Dow Jones US Utilities Index was falling 0.9%.

Front-month West Texas Intermediate crude oil fell 0.3% to $75.32 a barrel while the global benchmark Brent crude contract decreased 0.6% to $79.43 a barrel. Henry Hub natural gas futures jumped 3.7% to $2.93 per 1 million BTU.

In sector news, the number of oil rigs in the US slipped by four for the week ended June 7, according to data compiled by energy services company Baker Hughes (BKR). The weekly count for oil rigs fell to 492 from 496 the week earlier. The tally for gas rigs fell by two to 98, while miscellaneous rigs remained unchanged at four. A year earlier, the US had 556 oil, 135 gas, and four miscellaneous rigs in operation.

In corporate news, Air Products and Chemicals ( APD ) will supply 70,000 tons of green hydrogen starting 2030 to TotalEnergies' (TTE) Northern European refineries annually under a 15-year deal, cutting 700,000 tons of annual CO2 emissions, the companies said Friday. Air Products shares gained 4% and TotalEnergies was down 1%.

Exxon Mobil ( XOM ) shares are projected to underperform peers in the near term given current valuations and the Pioneer Natural Resources integration, Truist said in a note Friday. Truist downgraded Exxon's stock to hold from buy and cut its price target to $124 from $146. Exxon shares were down 1%.

NGL Energy Partners ( NGL ) shares tumbled 8% after it reported a wider fiscal Q4 loss as revenue declined during the quarter.

Entergy ( ETR ) and NextEra Energy (NEE) unit NextEra Energy Resources said Friday that they have agreed to jointly develop up to 4.5 gigawatts of solar generation and energy storage projects in the southern US. Entergy ( ETR ) shares fell 1% and NextEra Energy was down almost 2%.