03:46 PM EST, 03/03/2025 (MT Newswires) -- Energy stocks declined late Monday afternoon with the NYSE Energy Sector Index falling 3.4% and the Energy Select Sector SPDR Fund (XLE) dropping 4.3%.

The Philadelphia Oil Service Sector index slumped 6.2%, and the Dow Jones US Utilities index shed 0.2%.

West Texas Intermediate crude oil fell 2.2% to $68.25 a barrel while global benchmark Brent shed 2% to $71.33 a barrel. Henry Hub natural gas futures jumped 8% to $4.14 per 1 million BTU.

In corporate news, Equinor's ( EQNR ) target of starting oil production at its Arctic Johan Castberg field has been set back again by inclement weather, Reuters reported, citing a company spokesperson. Equinor ( EQNR ) shares fell 3.9%.

California Resources ( CRC ) shares tumbled 12% after the company reported a drop in Q4 adjusted net income, surprising analysts.

Sunnova Energy International ( NOVA ) shares plunged 67% after the company issued a "going concern" notice as part of its earnings.

Shell (SHEL) is considering selling its chemical assets in Europe and the US, The Wall Street Journal reported Sunday. Shell shares fell 2.1%.