01:53 PM EDT, 08/05/2024 (MT Newswires) -- Energy stocks were lower Monday afternoon, with the NYSE Energy Sector Index falling 1.8% and the Energy Select Sector SPDR Fund (XLE) dropping 1.8%.

The Philadelphia Oil Service Sector index retreated 3%, and the Dow Jones US Utilities index slumped 2.1%.

Front-month West Texas Intermediate crude oil was declining 0.9% to $72.86 a barrel while the global benchmark Brent crude contract was decreasing 0.7% to $76.29 a barrel. Henry Hub natural gas futures shed 0.5% to $1.96 per 1 million BTU.

In corporate news, Woodside Energy ( WDS ) said Monday it has signed a binding agreement to buy OCI Clean Ammonia and its lower carbon ammonia project in Beaumont, Texas, for about $2.35 billion. Woodside shares were falling nearly 3%.

Clean Energy Fuels ( CLNE ) said that its renewable natural gas facility at Ash Grove Dairy in Lake Benton, Minnesota, is now operational. Its shares were 1.7% lower.

Petrobras (PBR) said that it has achieved the main target of the Uchuva 2 well, confirming the extent of the gas discovery made in 2022 with the drilling of the Uchuva 1 well. Its shares were still falling 1.8%.