01:48 PM EDT, 07/15/2025 (MT Newswires) -- Energy stocks dropped Tuesday afternoon with the NYSE Energy Sector Index decreasing 1% and the Energy Select Sector SPDR Fund (XLE) falling 1.4%.

The Philadelphia Oil Service Sector Index lost 2.6%, and the Dow Jones US Utilities Index shed down 1%.

OPEC maintained its global oil demand and economic growth projections for 2025 and 2026, while saying world expansion in H2 may be better than expected. The cartel continues to expect oil demand to grow by 1.29 million barrels a day this year and by 1.28 million barrels next year.

West Texas Intermediate crude oil fell 0.8% to $66.47 a barrel, and global benchmark Brent shed 0.6% to $68.77 a barrel. Henry Hub natural gas futures rose 1.4% to $3.51 per 1 million BTU.

In sector news, Blackstone (BX) is planning to invest $25 billion into developing data centers and power plants in Pennsylvania, Reuters reported, citing Jon Gray, the company's chief operating officer.

In corporate news, Southern's (SO) subsidiary Georgia Power said its 2025 integrated resource plan won approval from the Georgia Public Service Commission. Southern shares were little changed.

ConocoPhillips ( COP ) filed applications with federal regulators seeking to drill four new test wells and undertake seismic studies near its $7.5 billion Willow project in Alaska, Bloomberg reported. The company's shares fell 1.6%.