03:32 PM EDT, 08/30/2024 (MT Newswires) -- Energy stocks were declining late Friday afternoon with the NYSE Energy Sector Index decreasing 0.7% and the Energy Select Sector SPDR Fund (XLE) down 0.5%.

The Philadelphia Oil Service Sector index dropped 1.4%, and the Dow Jones US Utilities index added 0.3%.

West Texas Intermediate crude oil fell 3.2% to $73.45 a barrel, while global benchmark Brent dropped 1.4% to $78.80. Henry Hub natural gas futures eased 0.1% to $2.13 per 1 million BTU.

In corporate news, Excelerate Energy ( EE ) shares fell 6.5% as Wells Fargo downgraded the stock to underweight from equalweight and trimmed its price target by $1 to $19.

YPF (YPF) shares popped 5.3% as Jefferies upgraded the company to buy from hold and raised its price target to $30 from $23.50.

Equinor ( EQNR ) plans to downsize its renewables division and is starting talks with unions about the impact on employees, Bloomberg reported. Equinor ( EQNR ) shares shed 1.5%.

Talos Energy ( TALO ) shares slumped 4.1%. Chief Executive Officer Tim Duncan stepped down, and Joseph Mills was named interim CEO until a permanent successor is named.