01:33 PM EST, 03/04/2025 (MT Newswires) -- Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.8% and the Energy Select Sector SPDR Fund (XLE) shedding 0.9%.

The Philadelphia Oil Service Sector index fell 1.4%, and the Dow Jones US Utilities index was down 0.9%.

Front-month West Texas Intermediate crude oil was easing 0.2% to $68.24 a barrel while the global benchmark Brent crude contract was down 0.8% at $71.05 a barrel. Henry Hub natural gas futures jumped 8% to $4.46 per 1 million BTU.

In sector news, the Canadian province of Ontario will levy a 25% export tax on the electricity it sends to 1.5 million homes in Michigan, Minnesota and New York in response to President Donald Trump's tariffs, The Wall Street Journal reported, citing an interview with Ontario Premier Doug Ford.

In corporate news, BP (BP) plans to appoint two new directors as part of its shift back to oil and gas, the Financial Times reported. BP shares were down 1.2%.