04:17 PM EST, 03/04/2024 (MT Newswires) -- Energy stocks finished lower Monday, with the NYSE Energy Sector Index decreasing almost 1% and the Energy Select Sector SPDR Fund (XLE) down 1.1%.

The Philadelphia Oil Service Sector index dropped 1%, and the Dow Jones US Utilities index rose 1.7%.

West Texas Intermediate crude oil fell 1.4% to $78.73 a barrel, while the global benchmark Brent crude contract declined 0.8% to $82.89 a barrel. Henry Hub natural gas futures jumped 5.3% to $1.93 per 1 million BTU.

In corporate news, Exxon Mobil ( XOM ) and Petronas have signed a letter of agreement with Suriname state-owned oil company Staatsolie to further explore a gas discovery made in 2020 offshore Suriname, Staatsolie said in a statement. Exxon shares were down 1.4%.

MGE Energy (MGEE) surged 19% after S&P Global (SPGI) division S&P Dow Jones Indices said MGE will join the S&P SmallCap 600 index, effective March 18.

New Fortress Energy (NFE) shares fell 7% after Deutsche Bank downgraded the company to hold from buy and cut its price target to $35 from $40.

TC Energy (TRP) and partner Northern New England Investment agreed to sell Portland Natural Gas Transmission System to BlackRock and investment funds managed by Morgan Stanley Infrastructure Partners for $1.14 billion. The stock was up 0.1%.