03:30 PM EDT, 09/10/2024 (MT Newswires) -- Energy stocks retreated late Tuesday afternoon with the NYSE Energy Sector Index dropping 2.2% and the Energy Select Sector SPDR Fund (XLE) falling 2%.

The Philadelphia Oil Service Sector index slumped 2.7%, while the Dow Jones US Utilities index rose 0.4%.

In its Monthly Oil Market Report released Tuesday, the Organization of the Petroleum Exporting Countries lowered its forecast for 2024 demand growth to 2.03 million barrels a day from its September forecast for a rise of 2.11 million. It also lowered its 2025 demand forecast by 40,000 to 1.9 million.

The Energy Information Administration lowered its forecast for 2024 oil demand growth by 200,000 barrels a day to 900,000, even as it still expects higher prices as global inventories continue to decline.

West Texas Intermediate crude oil tumbled 3.9% to $66.06 a barrel, while global benchmark Brent slumped 3.3% to $69.46 a barrel. Henry Hub natural gas futures rose 3.2% to $2.24 per 1 million BTU.

In corporate news, Delek US ( DK ) shares climbed 2.1% as JPMorgan upgraded the stock to neutral from underweight with a price target of $26.

Helmerich & Payne (HP) shares fell 2.3% after the company said it plans to launch a private placement of senior unsecured notes to help finance the acquisition of KCA Deutag.

SLB (SLB) achieved sustainable lithium production at scale at its demonstration plant in Clayton Valley, Nevada. The stock fell 2.4%.

Diamondback Energy ( FANG ) completed its acquisition of Endeavor Energy Resources. Diamondback shares declined 4.7%.