03:26 PM EST, 03/03/2025 (MT Newswires) -- Energy stocks fell late Monday afternoon with the NYSE Energy Sector Index falling 3.2% and the Energy Select Sector SPDR Fund (XLE) dropping 3.7%.

The Philadelphia Oil Service Sector index slumped 5.6%, and the Dow Jones US Utilities index shed 0.2%.

West Texas Intermediate crude oil fell 2.2% to $68.25 a barrel while global benchmark Brent shed 2% to $71.33 a barrel. Henry Hub natural gas futures jumped 8% to $4.14 per 1 million BTU.

In corporate news, Equinor's ( EQNR ) target of starting oil production at its Arctic Johan Castberg field has been set back again by inclement weather, Reuters reported, citing a company spokesperson. Equinor ( EQNR ) shares were falling 3.6%.