01:53 PM EDT, 04/08/2024 (MT Newswires) -- Energy stocks were lower Monday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each decreasing about 0.1%.

The Philadelphia Oil Service Sector index was down 0.3%, while the Dow Jones US Utilities index was adding 0.6%.

Front-month West Texas Intermediate crude oil was declining 0.9% to $86.12 a barrel while the global benchmark Brent crude contract was dropping 1.1% to $90.15 a barrel. Henry Hub natural gas futures jumped 3.3% to $1.84 per 1 million BTU.

In corporate news, Sasol ( SSL ) jumped 7.5% after it said Monday that South Africa's minister of forestry, fisheries and the environment has upheld its appeal over sulfur dioxide emission regulation involving steam plants at its Secunda Operations.

Petrobras (PBR) Chief Executive Jean Paul Prates' potential replacement as head of the Brazilian state-controlled oil giant was supposed to be decided on Sunday in a meeting among President Lula da Silva and cabinet members, Reuters reported Monday. Lula, however, decided to cancel the meeting as he was bothered with it being leaked to the press, the report said. Citing an unnamed source, Reuters said Prates may not last "to the end of the week" as Petrobras CEO. Petrobras shares were rising 0.4%.

AltC Acquisition ( ALCC ) shares soared 25.6% after Oklo, with which it has a pending merger deal, announced a potential power supply collaboration. Oklo, a fission technology and nuclear fuel recycling company, said it signed a non-binding letter of intent to supply 50 megawatts to Diamondback Energy's operations in the Permian Basin.