Energy stocks were retreating this afternoon, with the NYSE Energy Sector Index falling 1.1% while the SPDR Energy Select Sector ETF (XLE) was down 0.7%. The Philadelphia Oil-Service Sector index was posting a 0.9% decline although the Dow Jones US Utilities Index was up fractionally. Front-month West Texas Intermediate crude oil was sinking $0.89 to $71.47 per barrel while Henry Hub natural gas futures were $0.04 higher at $3.85 per 1 million BTU. In company news, PNM Resources (PNM) shares declined 2.7% after state regulators in New Mexico rejected the electric utility's proposed merger with Avangrid (AGR).