03:48 PM EDT, 04/03/2025 (MT Newswires) -- Energy stocks were sliding late Thursday afternoon, with the NYSE Energy Sector Index dropping 5.5% and the Energy Select Sector SPDR Fund (XLE) losing 7.2%.

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

West Texas Intermediate crude oil fell 6.8% to $66.81 a barrel, and global benchmark Brent dropped 6.6% to $70.03 a barrel. OPEC+ plans to add more new supply than expected in May, surprising traders.

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

Henry Hub natural gas futures gained 1.2% to $4.11 per 1 million BTU.

In corporate news, BP (BP) is dissolving its low-carbon mobility team, which studied using hydrogen and liquefied natural gas for transport, media outlets reported. BP shares fell 7%.

Exxon Mobil ( XOM ) shares fell 4.7% 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 dropped past 10%.