01:46 PM EDT, 05/05/2025 (MT Newswires) -- Energy stocks were lower Monday afternoon, with the NYSE Energy Sector Index falling 1.7% and the Energy Select Sector SPDR Fund (XLE) dropping 1.5%.

The Philadelphia Oil Service Sector index was shedding 1.5%, and the Dow Jones US Utilities index was down 0.4%.

Front-month West Texas Intermediate crude oil was declining 1.8% to $57.25 a barrel, and the global benchmark Brent crude contract was dropping 1.5% to $60.35 a barrel. Henry Hub natural gas futures were 2% lower at $3.56 per 1 million BTU.

In corporate news, Sunoco ( SUN ) agreed to buy Canada-based Parkland in a cash-and-equity deal worth about $9.1 billion, including debt, the companies said in separate statements Monday. Sunoco ( SUN ) shares were falling 6.2%.

Shell (SHEL) has been discussing with advisers in recent weeks to assess a potential acquisition of BP (BP), Bloomberg reported Sunday. Shell shares were down 1.9%, while BP gained 2.5%.

Peabody Energy ( BTU ) shares spiked 5.7% after the company said Monday it may walk away from its planned acquisition of Anglo American's steelmaking coal assets if problems at the Moranbah North Mine in Australia are not resolved within the timeframe outlined in their agreement.