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 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%.