01:51 PM EDT, 09/11/2025 (MT Newswires) -- Energy stocks were easing Thursday afternoon, with the NYSE Energy Sector Index shedding 0.2% and the Energy Select Sector SPDR Fund (XLE) fractionally lower.

The Philadelphia Oil Service Sector index was up 0.2%, and the Dow Jones US Utilities index increased 0.1%.

Front-month West Texas Intermediate crude oil was declining 2% to $62.40 a barrel, and the global benchmark Brent crude contract was dropping 1.6% to $66.38 a barrel. Henry Hub natural gas futures were 2.8% lower at $2.94 per 1 million BTU.

In sector news, US natural gas stocks rose by 71 billion cubic feet in the week ended Sept. 5, above the 68 billion increase expected in a survey compiled by Bloomberg.

The Organization of the Petroleum Exporting Countries on Thursday maintained its global oil demand projections, saying the world economy appeared to remain on course for robust expansion. The cartel continues to expect oil consumption to rise by 1.29 million barrels a day this year and 1.38 million barrels a day in 2026, according to its monthly report.

The International Energy Agency on Thursday lifted its projections for global oil demand growth for 2025, while raising supply forecasts for the current year and next as a key oil-producing cartel continues to unwind its output cuts. The agency now expects oil demand to increase by 740,000 barrels a day this year, up from its previous estimate of 680,000-barrel growth, amid resilient deliveries in advanced economies, it said.

In corporate news, Hess Midstream ( HESM ) shares were down 0.2% after Citigroup downgraded the company's stock to neutral from buy and trimmed its price target to $41 from $42.

GE Vernova (GEV) and TPG (TPG) said Thursday they have signed a binding agreement under which TPG will buy GE Vernova's Proficy manufacturing software business for $600 million. GE Vernova shares were falling 2.2%.

Chevron (CVX) submitted a bid to explore for natural gas in four offshore blocks in Greece, partnering with local energy company HelleniQ Energy, Reuters reported Wednesday, citing Greece's Energy Minister Stavros Papastavrou. Chevron shares were shedding 0.2%.