01:28 PM EST, 03/05/2024 (MT Newswires) -- Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 0.9% and the Energy Select Sector SPDR Fund (XLE) up 1.1%.

The Philadelphia Oil Service Sector Index was posting a 0.6% increase, while the Dow Jones US Utilities index was down fractionally.

Front-month West Texas Intermediate crude oil was declining 0.8% to $78.11 a barrel while the global benchmark Brent crude contract was dropping 0.9% to $82.08 a barrel. Henry Hub natural gas futures were 0.1% higher at $1.92 per 1 million BTU.

In corporate news, Cheniere Energy (LNG) shares rose nearly 1% after it said Tuesday it plans an offering of senior notes due 2034. The company intends to use the proceeds to retire all or part of the roughly $1.5 billion outstanding Cheniere Corpus Christi senior secured notes due 2025.