01:35 PM EST, 12/16/2024 (MT Newswires) -- Energy stocks were in the red Monday afternoon, with the NYSE Energy Sector Index falling 1.8% and the Energy Select Sector SPDR Fund (XLE) dropping 1.9%.

The Philadelphia Oil Service Sector index declined 1.5%, and the Dow Jones US Utilities index was marginally lower.

Front-month West Texas Intermediate crude oil was down 0.3% to $71.05 a barrel while the global benchmark Brent crude contract was shedding 0.4% to $74.22 a barrel. Henry Hub natural gas futures were dropping 2% to $3.22 per 1 million BTU.

In corporate news, ConocoPhillips ( COP ) is expected to post stronger cash flow growth from 2025 to 2029 as major projects come online, Morgan Stanley said in a Monday note as it resumed coverage of the company with an overweight rating and a $128 price target. ConocoPhillips ( COP ) shares were down 1.5%.