01:23 PM EDT, 06/03/2024 (MT Newswires) -- Energy stocks were falling Monday afternoon, with the NYSE Energy Sector Index dropping 2.7% and the Energy Select Sector SPDR Fund (XLE) down 3.1%.

The Philadelphia Oil Service Sector index tumbled 5.6%, and the Dow Jones US Utilities index was decreasing 1.5%.

Front-month West Texas Intermediate crude oil was declining 3.7% to $74.16 a barrel while the global benchmark Brent crude contract was dropping 3.4% to $78.33 a barrel. Henry Hub natural gas futures jumped 3.8% to $2.69 per 1 million BTU.

In corporate news, ProPetro ( PUMP ) said Monday it has acquired wet sand services provider Aqua Prop in an all-cash deal initially valued at $35.6 million. ProPetro ( PUMP ) shares were down about 5%.