01:23 PM EDT, 04/16/2024 (MT Newswires) -- Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each shedding 1%.

The Philadelphia Oil Service Sector index was posting a 1% drop, and the Dow Jones US Utilities index was down 0.9%.

Front-month West Texas Intermediate crude oil was decreasing 0.1% to $85.30 a barrel, while global benchmark Brent was down 0.2% to $89.92 a barrel. Henry Hub natural-gas futures were 2.1% lower at $1.66 per 1 million BTU.

In corporate news, SilverBow Resources ( SBOW ) shares tumbled 4.6% after Kimmeridge Energy Management said it has withdrawn its proposal to combine SilverBow with its natural-gas unit.