01:48 PM EDT, 05/14/2024 (MT Newswires) -- Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index shedding 0.3% and the Energy Select Sector SPDR Fund (XLE) down 0.4%.

The Philadelphia Oil Service Sector index was up 0.2%, and the Dow Jones US Utilities index was shedding 0.2%.

Front-month West Texas Intermediate crude oil was declining 1.4% to $77.99 a barrel while the global benchmark Brent crude contract was dropping 1.3% to $82.30 a barrel. Henry Hub natural gas futures were 0.2% lower at $2.38 per 1 million BTU.

In corporate news, Plug Power ( PLUG ) shares surged more than 25% after it said Tuesday it has secured a conditional commitment for an up to $1.66 billion loan guarantee from the US Department of Energy to fund the development and construction of up to six green hydrogen production plants.

Clean Energy Fuels ( CLNE ) jumped 10.5% after the company and dairy digester developer Maas Energy Works said they have agreed to jointly develop nine renewable natural gas production facilities expected to cost about $130 million.

Kolibri Global Energy ( KGEI ) shares fell 1.3% as it said Tuesday that the borrowing base of its indirect unit, BNK Petroleum, was raised to $50 million from $40 million.