01:47 PM EDT, 04/10/2025 (MT Newswires) -- Energy stocks were falling Thursday afternoon, with the NYSE Energy Sector Index dropping 6.3% and the Energy Select Sector SPDR Fund (XLE) tumbling 6.7%.

The Philadelphia Oil Service Sector index was sliding 9.5%, and the Dow Jones US Utilities index decreased 1.5%.

Front-month West Texas Intermediate crude oil was declining 4.9% to $59.30 a barrel, and the global benchmark Brent crude contract was dropping 4.4% to $62.57 a barrel.

US natural gas stocks rose by 57 billion cubic feet in the week ended April 4, against the 58 billion cubic foot rise expected in a Bloomberg survey and following a rise of 29 billion cubic feet in the previous week.

Henry Hub natural gas futures fell 8.5% to $3.49 per 1 million BTU.

In corporate news, AES ( AES ) shares dropped 8% after Jefferies downgraded the stock to hold from buy and cut its price target to $10 from $15.

Petrobras (PBR) is evaluating opportunities for an auction of oil blocks in India happening within the year, Reuters reported, citing the company's head of exploration and production Sylvia dos Anjos. Its shares fell 6%.

NextNRG ( NXXT ) said Thursday its preliminary revenue for March was about $6.15 million, up from nearly $2.4 million a year earlier. Its shares rose past 9%.