01:31 PM EDT, 07/29/2024 (MT Newswires) -- Energy stocks were lower Monday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each decreasing 1.3%.

The Philadelphia Oil Service Sector index fell 1.8%, and the Dow Jones US Utilities index was rising 0.3%.

Front-month West Texas Intermediate crude was declining 2.1% to $75.54 a barrel, while global benchmark Brent was dropping 2% to $79.49 a barrel. Henry Hub natural-gas futures were 2.7% lower at $1.95 per 1 million BTU.

In corporate news, Eni (E) shares were easing 0.1% as RBC Capital Markets on Monday upgraded the company to outperform from sector perform. Eni is showing progress in its "satellite" strategy for the energy transition by selling parts of its companies Plenitude and Enilive at much higher prices than their current value, which will help its debt and make its distribution plans "more defensive" compared with peers, RBC said in a note.