Energy stocks were in the red Monday afternoon, with the NYSE Energy Sector Index falling 1.8% and the Energy Select Sector SPDR Fund (XLE) dropping 1.9%.

The Philadelphia Oil Service Sector index declined 1.5%, and the Dow Jones US Utilities index was marginally lower.

Front-month West Texas Intermediate crude oil was down 0.3% to $71.05 a barrel while the global benchmark Brent crude contract was shedding 0.4% to $74.22 a barrel. Henry Hub natural gas futures were dropping 2% to $3.22 per 1 million BTU.

In corporate news, ConocoPhillips (COP) is expected to post stronger cash flow growth from 2025 to 2029 as major projects come online, Morgan Stanley said in a Monday note as it resumed coverage of the company with an overweight rating and a $128 price target. ConocoPhillips shares were down 1.5%.

BP (BP) and XRG said they have reached a financial close and completed the formation of their Arcius Energy joint venture, a natural gas platform. BP shares fell 3.3%.

Shell (SHEL) said its Shell Nigeria Exploration and Production subsidiary has approved a final investment decision for the Bonga North deep-water project off the coast of Nigeria. Shell was down 1.9%.