01:33 PM EDT, 07/08/2024 (MT Newswires) -- Energy stocks were lower Monday afternoon, with the NYSE Energy Sector Index decreasing 0.7% and the Energy Select Sector SPDR Fund (XLE) down 0.8%.

The Philadelphia Oil Service Sector index was posting a 0.1% decline, and the Dow Jones US Utilities index was fractionally higher.

Front-month West Texas Intermediate crude oil was declining 0.7% to $82.60 a barrel while the global benchmark Brent crude contract was down 0.7% to $85.91 a barrel. Henry Hub natural gas futures were 1.7% higher at $2.36 per 1 million BTU.

In corporate news, Devon Energy ( DVN ) said Monday that it will buy the Williston Basin business of EnCap Investments-backed Grayson Mill Energy in a $5 billion deal that is expected to expand Devon's oil production and drilling inventory. Devon shares were falling 1.8%.