01:49 PM EDT, 04/03/2025 (MT Newswires) -- Energy stocks slumped Thursday afternoon with the NYSE Energy Sector Index dropping 5.4% and the Energy Select Sector SPDR Fund (XLE) down 6.8%.

The Philadelphia Oil Service Sector Index tumbled 11%, and the Dow Jones US Utilities Index rose 0.2%.

West Texas Intermediate crude oil plunged 7.1% to $66.63 a barrel, and global benchmark Brent dropped 6.4% to $70.12 a barrel.

US natural gas stocks rose by 29 billion cubic feet in the week ended Friday, topping the 27 billion increase expected in a survey compiled by Bloomberg and following a gain of 37 billion in the previous week.

Henry Hub natural gas futures rose 2.1% to $4.14 per 1 million BTU.

In corporate news, Exxon Mobil ( XOM ) shares fell 4% after Mizuho cut its price target to $129 from $131 while keeping its neutral rating.

Venture Global ( VG ) received approval from the Federal Energy Regulatory Commission to start service on the remaining facilities at the Calcasieu Pass LNG Terminal in Louisiana, Reuters reported. Venture shares 7.8%.

Alliant Energy (LNT) kept its quarterly dividend at $0.5075 a share, payable May 15 to investors of record April 30. The stock rose 1%.