03:28 PM EST, 12/16/2024 (MT Newswires) -- Energy stocks were falling late Monday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each dropping 2.1%.

The Philadelphia Oil Service Sector index declined 1.8%, and the Dow Jones US Utilities index was down 0.5%.

Front-month West Texas Intermediate crude oil fell 1% to $70.55 a barrel while the global benchmark Brent crude contract shed 1% to $73.78 a barrel. Henry Hub natural gas futures were dropping 1.9% to $3.22 per 1 million BTU.

In corporate news, Marathon Petroleum ( MPC ) said Monday unionized workers at its Detroit refinery struck a seven-year collective bargaining agreement with the company after being on strike for more than three months. Marathon shares were falling past 4%.