01:55 PM EDT, 09/26/2024 (MT Newswires) -- Energy stocks were lower Thursday afternoon, with the NYSE Energy Sector Index shedding 1.6% and the Energy Select Sector SPDR Fund (XLE) falling 1.8%.

The Philadelphia Oil Service Sector index slumped 3.5%, and the Dow Jones US Utilities index was down 0.4%.

The Financial Times reported that Saudi Arabia is ready to abandon its official price target and is prepared for a period of lower oil prices as OPEC+ closes in on returning voluntary cuts to the market in December.

US natural gas stocks rose by 47 billion cubic feet in the week ended Sept. 20, smaller than the 52 billion gain expected in a survey compiled by Bloomberg and following an increase of 58 billion cubic feet in the previous week.

Front-month West Texas Intermediate crude oil was falling 3% to $67.61 a barrel while the global benchmark Brent crude contract was dropping 2.6% to $71.54 a barrel. Henry Hub natural gas futures fell 3.4% to $2.55 per 1 million BTU.

In corporate news, NRG Energy ( NRG ) late Wednesday raised its 2024 guidance, citing "robust financial and operational execution throughout the year." Its shares added 1.6%.

Chevron ( CVX ) has agreed that Hess (HES) Chief Executive John Hess will not join its board as part of a US Federal Trade Commission deal, Bloomberg reported. Chevron ( CVX ) shares fell 1.1%, and Hess shed 1%.

Clean Energy Fuels ( CLNE ) shares were 0.3% higher. The firm said it has agreed to build a private compressed natural gas fueling station for the Metropolitan Transit Authority of Harris County.