02:14 PM EDT, 03/16/2026 (MT Newswires) -- Energy stocks advanced Monday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each adding 0.4%.

The Philadelphia Oil Service Sector Index was decreasing 0.2%, and the Dow Jones US Utilities Index was up 0.4%.

Front-month West Texas Intermediate crude oil was falling 4.3% to $94.44 a barrel, and the global benchmark Brent crude contract declined 1.9% to $101.21 a barrel. Henry Hub natural gas futures fell 4.2% to $3.00 per 1 million BTU.

In corporate news, BP (BP) obtained authorization from the Trump administration to move forward with its Kaskida operation in the Gulf of Mexico, Reuters reported Saturday. The $5 billion capital allocation is expected to open up 10 billion barrels of reserves located within the Paleogene zones of the region, the report said. BP shares were up 0.6%.