01:29 PM EDT, 09/03/2024 (MT Newswires) -- Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index falling 2.5% and the Energy Select Sector SPDR Fund (XLE) dropping 2.2%.

The Philadelphia Oil Service Sector index was posting a 5.3% drop, while the Dow Jones US Utilities index added 0.3%.

Front-month West Texas Intermediate crude oil was dropping 4.2% to $70.44 a barrel while the global benchmark Brent crude contract was falling 4.8% to $73.81 a barrel. Henry Hub natural gas futures were 2.9% higher at $2.19 per 1 million BTU.

In corporate news, TotalEnergies (TTE) said Tuesday it has signed an agreement with Adani Green Energy to form a joint venture with a 1,150 megawatt alternating current solar portfolio in Gujarat, India. TotalEnergies shares were falling 2.9%.