03:45 PM EDT, 03/19/2024 (MT Newswires) -- Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index adding 0.8% and the Energy Select Sector SPDR Fund (XLE) up 0.9%.

The Philadelphia Oil Service Sector Index climbed 1.9%, and the Dow Jones US Utilities Index increased 1%.

Front-month West Texas Intermediate crude oil was rising 1.1% to $83.62 a barrel while the global benchmark Brent crude contract was advancing 0.7% to $87.48 a barrel.

Henry Hub natural gas futures were 2.4% higher at $1.74 per 1 million BTU.

In corporate news, NuScale Power ( SMR ) shares tumbled more than 34% after Wells Fargo downgraded the company to underweight from equalweight and cut the price target to $4.50 from $7.50.

New Fortress Energy ( NFE ) said Tuesday that early tender results of its previously announced cash tender offer for its 6.750% senior secured notes due 2025 exceeded the aggregate maximum principal amount of $375 million. Its shares rose 0.5%.

Pembina Pipeline ( PBA ) said Tuesday it has received approval from Canada's Competition Bureau for the proposed takeover by Pembina of Enbridge's interest in the Alliance, Aux Sable, and NRGreen joint ventures. Pembina shares were 0.1% higher.

Dril-Quip ( DRQ ) added 1% after saying it agreed to merge with Innovex Downhole Solutions in an all-stock deal.