03:35 PM EDT, 09/26/2024 (MT Newswires) -- Energy stocks were lower late Thursday afternoon, with the NYSE Energy Sector Index falling 1.8% and the Energy Select Sector SPDR Fund (XLE) dropping 1.9%.

The Philadelphia Oil Service Sector index slumped 3.4%, and the Dow Jones US Utilities index was down 0.5%.

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, below 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 fell 3% to $67.59 a barrel while the global benchmark Brent crude contract was dropping 2.7% to $71.49 a barrel. Henry Hub natural gas futures fell 2% to $2.59 per 1 million BTU.

In corporate news, Eni (E) has been contacted by suitors for a potential sale of a second stake in its Enilive biofuel unit as the Italian company finalizes the details of a deal to sell an interest in the unit to US investment firm KKR (KKR), Reuters reported Thursday. Eni shares were falling 2.2%.

Petrobras (PBR) is negotiating to acquire stakes in African exploration blocks from Exxon Mobil ( XOM ) , Shell (SHEL), TotalEnergies (TTE), Equinor ( EQNR ) , and other companies, Bloomberg reported Thursday. Petrobras shares were down 2.2%.

NRG Energy ( NRG ) late Wednesday raised its 2024 guidance, citing "robust financial and operational execution throughout the year." Its shares added 1.1%.

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 1.4%, and Hess shed 1.2%.