01:23 PM EDT, 05/20/2024 (MT Newswires) -- Energy stocks were lower Monday afternoon, with the NYSE Energy Sector Index decreasing 0.3% and the Energy Select Sector SPDR Fund (XLE) down 0.7%.

The Philadelphia Oil Service Sector index was posting a 0.6% increase, and the Dow Jones US Utilities index was fractionally lower.

Front-month West Texas Intermediate crude oil was declining 0.7% to $79.50 a barrel while the global benchmark Brent crude contract was dropping 0.7% to $83.41 a barrel. Henry Hub natural gas futures spiked 3.3% to $2.71 per 1 million BTU.

In corporate news, California Resources ( CRC ) said Monday it is planning to offer $500 million in total principal amount of senior unsecured notes due 2029. Its shares were shedding 0.3%.