01:43 PM EDT, 03/28/2025 (MT Newswires) -- Energy stocks were lower Friday afternoon, with the NYSE Energy Sector Index falling 1% and the Energy Select Sector SPDR Fund (XLE) down 0.9%

The Philadelphia Oil Service Sector index dropped 2.5%, while the Dow Jones US Utilities index added 0.9%.

Front-month West Texas Intermediate crude oil was declining 0.9% to $69.32 a barrel, and the global benchmark Brent crude contract was shedding 0.6% to $73.57 a barrel. Henry Hub natural gas futures climbed 3.2% to $4.05 per 1 million BTU.

In corporate news, Phillips 66 (PSX) board member Bob Pease, who was appointed with Elliott Investment Management's support, issued a letter to shareholders in which he criticized the activist investor for wanting him off the board now. Phillips 66 shares were down 2.1%.

Elliott Investment Management has taken a short position in Shell (SHEL), amounting to 0.5% of Shell, a Financial Conduct Authority filing Thursday showed. The Shell short position is part of Elliott's global hedging program, a source familiar with the situation told MT Newswires on Friday. Shell was down 0.9%.

Empire Petroleum ( EP ) shares fell 2.9% after it posted late Thursday lower Q4 revenue.