03:59 PM EST, 03/04/2024 (MT Newswires) -- Energy stocks fell late Monday afternoon, with the NYSE Energy Sector Index decreasing 0.8% and the Energy Select Sector SPDR Fund (XLE) down 1%.

The Philadelphia Oil Service Sector index dropped 1%, and the Dow Jones US Utilities index rose 1.7%.

West Texas Intermediate crude oil fell 1.4% to $78.73 a barrel, while the global benchmark Brent crude contract declined 0.8% to $82.89 a barrel. Henry Hub natural gas futures jumped 5.3% to $1.93 per 1 million BTU.

In corporate news, Exxon Mobil ( XOM ) and Petronas have signed a letter of agreement with Suriname state-owned oil company Staatsolie to further explore a gas discovery made in 2020 offshore Suriname, Staatsolie said in a statement. Exxon shares were down 1.5%.