03:34 PM EDT, 07/30/2024 (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) climbing 1.6%.

The Philadelphia Oil Service Sector index was posting a 0.7% increase, and the Dow Jones US Utilities index was up 0.2%.

Front-month West Texas Intermediate crude oil declined 1% to $75.04 a barrel while the global benchmark Brent crude contract dropped 1.1% to $78.88 a barrel. Henry Hub natural gas futures jumped 3.8% to $2.11 per 1 million BTU.

In corporate news, Centuri's ( CTRI ) long-term outlook remains positive, UBS said Tuesday, but the investment firm is cautious about the company's near-term earnings trajectory due to market challenges including slower utility customer spending, delayed or canceled projects and a leadership in transition. UBS downgraded the company's rating to neutral from buy and slashed the price target to $17 from $30. Centuri ( CTRI ) shares were rising 0.9%.