03:45 PM EDT, 04/30/2024 (MT Newswires) -- Energy stocks were declining late Tuesday afternoon, with the NYSE Energy Sector Index falling 2.4% and the Energy Select Sector SPDR Fund (XLE) dropping 2.4%.

The Philadelphia Oil Service Sector Index tumbled 4.1%, and the Dow Jones US Utilities Index was shedding 0.3%.

Front-month West Texas Intermediate crude oil fell 1.2% to $81.65 a barrel and the global benchmark Brent crude contract shed 0.6% to $87.86 a barrel. Henry Hub natural gas futures dropped 2.5% to $1.98 per 1 million BTU.

In corporate news, BP's (BP) Archaea Energy said Tuesday it has switched on its largest renewable natural gas plant in Shawnee, Kansas, just outside of Kansas City. BP shares were falling 1.7%.

Equitrans Midstream ( ETRN ) reported Q1 adjusted earnings Tuesday of $0.23 per diluted share, up from $0.22 a year earlier. Three analysts polled by Capital IQ expected $0.15. Its shares dropped 1.8%.

DT Midstream ( DTM ) shares shed 1.5% after it reported Q1 adjusted operating earnings of $0.99 per diluted share, up from $0.84 a year earlier. Analysts polled by Capital IQ expected $0.94.

American Electric Power ( AEP ) reported Q1 operating earnings Tuesday, a non-GAAP measure, of $1.27 per share, up from $1.11 a year earlier. Analysts polled by Capital IQ expected $1.25. Its shares were up 0.1%.