03:53 PM EDT, 07/16/2024 (MT Newswires) -- Energy stocks rose late Tuesday afternoon, with the NYSE Energy Sector Index fractionally up and the Energy Select Sector SPDR Fund (XLE) rising 0.3%.

The Philadelphia Oil Service Sector index climbed 1.9%, and the Dow Jones US Utilities index gained 0.9%.

West Texas Intermediate crude oil fell 1.3% to $80.85 a barrel, while global benchmark Brent dropped 1.2% to $83.82 a barrel. Henry Hub natural gas futures gained 1.1% to $2.18 per 1 million BTU.

In corporate news, TotalEnergies (TTE) shares fell 1.5% after the oil major said it expects Q2 downstream results to be hit by a decrease in refining margins in Europe and the Middle East.

TC Energy's ( TRP ) claim for $15 billion in damages as a result of the US government's cancellation of the Keystone XL pipeline permit was quashed by an arbitration tribunal. TC Energy ( TRP ) shares were rising 1.5%.

Sunoco ( SUN ) and Energy Transfer ( ET ) formed a joint venture in the Permian Basin with Sunoco ( SUN ) owning 32.5% and Energy Transfer ( ET ) holding 67.5%. Sunoco ( SUN ) shares added 1%, while Energy Transfer ( ET ) was down 0.3%.

Trio Petroleum ( TPET ) shares tumbled 4.9%, a day after the company disclosed a public offering of 35.5 million shares.