01:25 PM EDT, 10/14/2024 (MT Newswires) -- Energy stocks were edging lower Monday afternoon, with the NYSE Energy Sector Index decreasing 0.1% and the Energy Select Sector SPDR Fund (XLE) easing 0.2%.

The Philadelphia Oil Service Sector index was posting a 1.1% drop, while the Dow Jones US Utilities index was rising 1.1%.

The Organization of the Petroleum Exporting Countries cut its 2024 and 2025 global oil demand projections on Monday while holding supply estimates steady. In its latest monthly oil report, the cartel lowered its demand growth estimate for this year to 1.93 million barrels a day from 2.03 million barrels projected in September.

Front-month West Texas Intermediate crude oil was declining 2.2% to $73.93 a barrel while the global benchmark Brent crude contract was dropping 1.9% to $77.56 a barrel. Henry Hub natural gas futures tumbled 4.8% to $2.51 per 1 million BTU.

In corporate news, Vistra ( VST ) shares jumped nearly 6% after BNP Paribas Exane initiated the company at outperform, with a $231 price target.