03:46 PM EST, 12/02/2024 (MT Newswires) -- Energy stocks declined late Monday afternoon with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each dropping 1%.

The Philadelphia Oil Service Sector index rose 0.3%, and the Dow Jones US Utilities index was retreating 1.6%.

West Texas Intermediate crude oil was marginally lower to $67.97 a barrel while the global benchmark Brent crude contract eased 0.1% to $71.75 a barrel. Henry Hub natural gas futures dropped 4.7% to $3.20 per 1 million BTU.

In corporate news, Xcel Energy ( XEL ) said Monday it launched cash tender offers to buy up to $110 million of outstanding first mortgage bonds issued by its subsidiary Northern States Power. Its shares were shedding 1.7%.

Duke Energy ( DUK ) shares fell 1.7% after the Duke Energy Progress unit reduced rates for residential customers in North Carolina by 4.5% as part of an annual fuel cost adjustment.

PG&E ( PCG ) shares dropped 4.2%. The company launched simultaneous public offerings of $1.2 billion in shares and $1.2 billion in series A mandatory convertible preferred stock.

BW LPG ( BWLP ) reported Q3 earnings of $0.79 per diluted share, down from $0.85 a year earlier. Revenue from shipping and product services for the quarter was $805 million, up from $713.5 million a year earlier. The stock added 1%.