01:38 PM EDT, 08/20/2024 (MT Newswires) -- Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index falling 2% and the Energy Select Sector SPDR Fund (XLE) dropping 2.1%.

The Philadelphia Oil Service Sector index slumped 2.7%, and the Dow Jones US Utilities index was easing 0.1%.

Front-month West Texas Intermediate crude oil was declining 0.4% to $74.05 a barrel while the global benchmark Brent crude contract was shedding 0.4% to $77.33 a barrel. Henry Hub natural gas futures dropped 2.6% to $2.18 per 1 million BTU.

In corporate news, SJW Group's ( SJW ) San Jose Water unit said Tuesday it has reached a settlement agreement in its 2025 to 2027 General Rate Case that was filed with the California Public Utilities Commission earlier this year. The agreement provides for $450 million in drinking water infrastructure investment over three-years. The stock was down 0.6%.