03:43 PM EST, 11/12/2024 (MT Newswires) -- Energy stocks fell late Tuesday afternoon, with the NYSE Energy Sector Index declining 0.7% and the Energy Select Sector SPDR Fund (XLE) down 0.3%.

The Philadelphia Oil Service Sector index dropped 1.4%, and the Dow Jones US Utilities index shed 0.9%.

The Organization of the Petroleum Exporting Countries reduced 2024 and 2025 global oil demand projections for the fourth straight month, while raising world economic growth forecasts. The group expects world oil demand this year to grow 1.82 million barrels a day and 1.54 million b/d in 2025. The previous estimates were 1.93 million b/d this year and 1.64 million b/d in 2025.

West Texas Intermediate crude oil rose 0.3% to $68.22 a barrel, while global benchmark Brent advanced 0.2% to $71.98 a barrel. Henry Hub natural gas futures fell 0.2% to $2.91 per 1 million BTU.

In corporate news, GE Vernova ( GEV ) Chief Executive Scott Strazik is putting on hold their search for new offshore turbine orders to wait for market conditions to improve, the Financial Times reported. GE Vernova ( GEV ) shares tumbled 7.6%.

Northwest Natural ( NWN ) reported a Q3 net loss of $0.71 per diluted share, widening from the loss of $0.65 a share a year earlier. Four analysts polled by Capital IQ expected a loss of $0.80. The shares gained 1.1%.

Adams Resources & Energy ( AE ) shares surged 36.2% after the company said Tuesday it has agreed to be bought by an affiliate of Tres Energy in an all-cash deal valued at about $138.9 million.

Magnolia Oil & Gas ( MGY ) , through several of the exploration and production company's operating subsidiaries, on Tuesday disclosed plans for a $400 million private placement of senior unsecured notes maturing in 2032, subject to market and other conditions. Magnolia shares decreased 1.3%.