01:34 PM EDT, 07/02/2024 (MT Newswires) -- Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.2% and the Energy Select Sector SPDR Fund (XLE) down 0.6%.

The Philadelphia Oil Service Sector index was posting a 0.2% increase, and the Dow Jones US Utilities index was rising 0.2%.

Front-month West Texas Intermediate crude oil was rising 0.1% to $83.50 a barrel while the global benchmark Brent crude contract was advancing 0.3% to $86.84 a barrel. Henry Hub natural gas futures fell 2.3% to $2.42 per 1 million BTU.

In corporate news, Exxon Mobil ( XOM ) and Shell (SHEL) are among the more than 12 oil companies that have expressed interest in buying a 40% stake in Galp Energia's oil discovery off the coast of Namibia, Reuters reported Tuesday. Exxon shares were shedding 0.8% and Shell was down 0.2%.