01:50 PM EST, 03/05/2024 (MT Newswires) -- Energy stocks rose Tuesday afternoon with the NYSE Energy Sector Index gained 0.9% and the Energy Select Sector SPDR Fund (XLE) up 1.3%.

The Philadelphia Oil Service Sector Index climbed 0.6%, while the Dow Jones US Utilities index eased 0.1%.

West Texas Intermediate crude oil declined 0.8% to $78.11 a barrel, while the global benchmark Brent crude contract dropped 0.9% to $82.08 a barrel. Henry Hub natural gas futures rose 3.3% higher to $1.979 per 1 million BTU.

In corporate news, Cheniere Energy (LNG) shares rose 0.7% after the company said it plans an offering of senior notes due 2034, using the proceeds to retire all or part of $1.5 billion in outstanding Cheniere Corpus Christi senior secured notes due 2025.

Patterson-UTI Energy ( PTEN ) said it operated an average of 122 drilling rigs in the US in February. The stock rose 1%.

Kosmos Energy ( KOS ) shares slumped 9.9% after the company said it plans to offer $300 million of convertible senior notes due 2030 in a private placement.