03:47 PM EST, 12/16/2024 (MT Newswires) -- Energy stocks fell late Monday afternoon with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) both dropping 2.1%.

The Philadelphia Oil Service Sector index declined 1.8%, and the Dow Jones US Utilities index was down 0.6%.

West Texas Intermediate crude oil fell 1% to $70.55 a barrel, while global benchmark Brent shed 1% to $73.78 a barrel. Henry Hub natural gas futures dropped 1.9% to $3.22 per 1 million BTU.

In corporate news, Marathon Petroleum ( MPC ) said unionized workers at its Detroit refinery struck a seven-year collective bargaining agreement with the company striking for more than three months. Marathon shares fell 5%.

TotalEnergies (TTE) shares dropped 3.1%. The company 50% of its shares in West Burton Energy to EPH's UK unit Epuki.

ConocoPhillips ( COP ) is expected to post stronger cash flow growth from 2025 to 2029 as major projects come online, Morgan Stanley said in resuming coverage with an overweight rating and a $128 price target. ConocoPhillips ( COP ) shares declined 1.2%.

BP (BP) and XRG completed the formation of their Arcius Energy joint venture, a natural gas platform. BP shares fell 3.2%.