Sector Update: Energy Stocks Decline in Thursday Afternoon Trading

Energy stocks were lower Thursday afternoon, with the NYSE Energy Sector Index decreasing 0.3% and the Energy Select Sector SPDR Fund (XLE) down 0.5%.

The Philadelphia Oil Service Sector index was shedding 0.6%, and the Dow Jones US Utilities index was falling 1.1%.

Front-month West Texas Intermediate crude oil was declining 1.3% to $76.59 a barrel, while global benchmark Brent was down 1.1% to $81.02 a barrel.

US natural-gas stocks rose by 78 billion cubic feet in the week ended May 17, a smaller gain than the 85 billion increase expected in a survey compiled by Bloomberg and following an increase of 70 billion cubic feet in the previous week. Stocks at 2.711 trillion cubic feet are 17.4% higher than in the comparable week a year ago and 28.8% above their five-year average.

Henry Hub natural-gas futures tumbled 6.8% to $2.65 per 1 million BTU.

In corporate news, National Grid NG. said Thursday it plans to invest $75 billion over the next five years across its service territory in the US and UK. Its shares sank 14%.

Borr Drilling BORR shares jumped almost 12% after reporting that it swung to a Q1 income as revenue increased during the period.

Baker Hughes BKR said Thursday it received a contract from Sonatrach for a gas project at Algeria's Hassi R'Mel gas field. Baker Hughes shares were falling 0.4%.