03:28 PM EDT, 07/29/2024 (MT Newswires) -- Energy stocks were declining late Monday afternoon, with the NYSE Energy Sector Index down 1% and the Energy Select Sector SPDR Fund (XLE) dropping 1.1%.

The Philadelphia Oil Service Sector index fell 1.9%, while the Dow Jones US Utilities index was adding 0.4%.

Front-month West Texas Intermediate crude was down 1.7% to $75.83 a barrel, and global benchmark Brent dropped 1.8% to $79.71 a barrel. Henry Hub natural-gas futures fell 0.2% to $2.05 per 1 million BTU.

In corporate news, Nut Tree Capital Management and Caspian Capital said Monday they have increased their offer to buy Martin Midstream Partners ( MMLP ) to $4.50 per unit from $4.00. Martin shares jumped 8.1%.