03:49 PM EDT, 05/23/2024 (MT Newswires) -- Energy stocks were declining late Thursday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each falling 0.8%.

The Philadelphia Oil Service Sector index was shedding 1%, and the Dow Jones US Utilities index fell 1.7%.

Front-month West Texas Intermediate crude declined 1% to $76.78 a barrel, while global benchmark Brent fell 0.8% to $81.25 a barrel.

US natural-gas stocks rose by 78 billion cubic feet in the week ended May 17, a smaller gain than the 85 billion increase expected in a survey compiled by Bloomberg and following an increase of 70 billion cubic feet in the previous week. Stocks at 2.711 trillion cubic feet are 17.4% higher than in the comparable week a year ago and 28.8% above their five-year average.

Henry Hub natural-gas futures tumbled 6% to $2.67 per 1 million BTU.

In corporate news, NextEra Energy Partners ( NEP ) shares tumbled 7.2% as JPMorgan downgraded the company to underweight from neutral with a $25 price target.

Ameresco ( AMRC ) shares gained 2% after it said Thursday that Atlantic Green has selected it and Envision Energy to build the 300-megawatt Cellarhead battery energy storage project in the UK.

National Grid ( NGG ) said Thursday it plans to invest $75 billion over the next five years across its service territory in the US and UK. Its shares plunged almost 14%.

Borr Drilling ( BORR ) shares jumped 10.3% after reporting that it swung to a Q1 income as revenue increased during the period.