01:56 PM EDT, 04/08/2025 (MT Newswires) -- Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index falling 1.9% and the Energy Select Sector SPDR Fund (XLE) dropping 1%.

The Philadelphia Oil Service Sector index fell 2.5%, while the Dow Jones US Utilities index was up 0.2%.

Front-month West Texas Intermediate crude oil was declining 0.9% to $60.14 a barrel, and the global benchmark Brent crude contract was dropping 1.4% to $63.29 a barrel. Henry Hub natural gas futures were 4.3% lower at $3.59 per 1 million BTU.

In sector news, President Donald Trump will sign an executive order to increase coal production and use in the US to meet rising power needs from AI infrastructure, Bloomberg reported.

In corporate news, Eni (E) plans to invest 24 billion euros ($26.2 billion) over the next four years in Algeria, Libya and Egypt to boost energy production, Reuters reported, citing Chief Executive Claudio Descalzi at a conference in Italy. Eni shares were down 2.9%.

BP (BP) is putting on hold a project to expand biofuel production at its oil refinery in Castellon, Spain, Bloomberg reported. BP shares fell 1.9%.

Safe & Green ( SGBX ) shares were down 4% after the company said Tuesday that its Olenox unit has acquired a 51% stake in Winchester Oil and Gas, which operates over 500 wells in Texas.