01:49 PM EDT, 07/29/2024 (MT Newswires) -- Energy stocks were lower Monday afternoon, with the NYSE Energy Sector Index decreasing 1.2% and the Energy Select Sector SPDR Fund (XLE) shedding 1.3%.

The Philadelphia Oil Service Sector index fell 1.9%, and the Dow Jones US Utilities index was rising 0.2%.

Front-month West Texas Intermediate crude was declining 2.1% to $75.52 a barrel, while global benchmark Brent was dropping 2% to $79.48 a barrel. Henry Hub natural-gas futures were 2.3% lower at $1.96 per 1 million BTU.

In corporate news, Eni (E) shares were fractionally down after RBC Capital Markets on Monday upgraded the company to outperform from sector perform. Eni is showing progress in its "satellite" strategy for the energy transition by selling parts of its companies Plenitude and Enilive at much higher prices than their current value, which will help its debt and make its distribution plans "more defensive" compared with peers, RBC said in a note.

Vital Energy ( VTLE ) and Northern Oil and Gas ( NOG ) have signed a deal to jointly buy the assets located in the Delaware Basin of Point Energy Partners in an all-cash deal worth $1.1 billion, subject to adjustments. Vital shares were falling 2.3% and Northern Oil was down 1.2%.

Permian Resources ( PR ) shares were shedding 0.6% after it said Monday it has agreed to buy Occidental Petroleum's ( OXY ) about 29,500 net acres and related assets, located primarily in Reeves County, Texas, for $817.5 million. Occidental shares were down 1.2%.