01:31 PM EDT, 07/16/2024 (MT Newswires) -- Energy stocks were mixed Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.4% and the Energy Select Sector SPDR Fund (XLE) adding 0.2%.

The Philadelphia Oil Service Sector index climbed 1.7%, and the Dow Jones US Utilities index was rising 0.7%.

Front-month West Texas Intermediate crude oil was declining 1.4% to $80.80 a barrel while the global benchmark Brent crude contract was dropping 1.2% to $83.86 a barrel. Henry Hub natural gas futures were 0.8% higher at $2.17 per 1 million BTU.

In corporate news, Sunoco ( SUN ) and Energy Transfer ( ET ) said Tuesday that they have formed a joint venture in the Permian Basin, with Sunoco ( SUN ) owning a 32.5% stake and Energy Transfer ( ET ) holding the remaining 67.5% interest. Sunoco ( SUN ) shares added 0.4% and Energy Transfer ( ET ) was shedding 0.2%.