01:45 PM EDT, 07/07/2025 (MT Newswires) -- Energy stocks fell Monday afternoon with the NYSE Energy Sector Index declining 1.9% and the Energy Select Sector SPDR Fund (XLE) shedding 1.5%.

The Philadelphia Oil Service Sector Index dropped 2.4%, and the Dow Jones US Utilities Index was little changed.

West Texas Intermediate crude oil rose 0.7% to $67.49 a barrel, and global benchmark Brent advanced 1.3% to $69.20 a barrel. Henry Hub natural gas futures gained 1.2% to $3.45 per 1 million BTU.

In sector news, Indonesian and US companies, including Pertamina, ExxonMobil ( XOM ) , and Chevron ( CVX ) , are expected to sign a $34 billion memorandum of understanding expanding trade in energy and agriculture, Reuters reported.

In corporate news, CMS Energy ( CMS ) shares fell 1.1% after Wolfe Research downgraded the stock to peer perform from outperform.

Shell (SHEL) shares dropped 3.4% after the company tightened its Q2 production outlook for its integrated gas and liquified natural gas units, warning that trading and optimization is expected to be "significantly lower" than Q1.

ReNew Energy Global's ( RNW ) shares fell 1.4% after the company said Thursday that it received a final nonbinding buyout offer from a consortium led by Abu Dhabi Future Energy, also known as Masdar, for $8 a share in cash.

Eni (E) and Sonatrach signed a hydrocarbon contract to explore and develop the contractual perimeter of Zemoul El Kbar, located in Algeria's Berkine Basin. Eni shares fell 1.2%.