The Philadelphia Oil-Service Sector index was sinking 3.7% and the Dow Jones US Utilities Index was down about 0.4%.
West Texas Intermediate crude oil was $0.98 lower at $120.53 per barrel and Brent crude was falling by $1.17 to $121.90 per barrel. Henry Hub natural gas futures were $0.17 lower to $8.79 per 1 million BTU.
In company news, ProFrac Holding (PFHC) shares rose 0.4% after BofA Securities initiated coverage of the stock with a buy rating and $26 price target.
Matador Resources' (MTDR) board amended the company's dividend policy to increase quarterly cash dividends on its common stock to $0.10 per share. Shares of Matador were down 1%.
Summit Midstream Partners (SMLP) was almost 4% higher after saying Thursday its Summit Midstream Holdings subsidiary has agreed to sell Summit Midstream Permian to Matador Resources for $75 million in cash.