Sector Update: Energy Stocks Decline Late Afternoon

Energy stocks declined late Monday afternoon, with the NYSE Energy Sector Index down 0.8% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.9%. The Philadelphia Oil Service Sector Index fell 1.1%, while the Dow Jones US Utilities Index rose 0.8%. Crude oil and natural gas prices also dropped. In sector news, Kazakhstan anticipates a decision on the Karachaganak field case by year-end. Chevron cut Venezuelan crude prices, and Eni's Plenitude was cleared of unfair practices. Berry's merger with California Resources was approved.