01:54 PM EDT, 03/12/2024 (MT Newswires) -- Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index 0.1% lower and the Energy Select Sector SPDR Fund (XLE) down 0.3%.

The Philadelphia Oil Service Sector index was posting a 0.1% decline and the Dow Jones US Utilities index fell 1.3%.

Front-month West Texas Intermediate crude oil was rising 0.3% to $78.15 a barrel while the global benchmark Brent crude contract was advancing 0.3% to $82.42 a barrel. Henry Hub natural gas futures were 3% lower at $1.71 per 1 million BTU.

In corporate news, CNX Resources ( CNX ) shares fell 0.6% after the firm said it expects output this year to be lower than previously estimated as an oversupplied natural gas market prompted it to delay completion activities on three Marcellus Shale pads comprising 11 wells.

Shell (SHEL) may soon slow the pace of its carbon-reduction efforts, unnamed people familiar with the matter told Bloomberg. Shell shares were adding 0.3%.

Hess Midstream ( HESM ) gained 0.9% after the firm said Tuesday it signed a deal for the repurchase of about $100 million of Class B units by its subsidiary, Hess Midstream Operations, from affiliates of Hess Corporation and Global Infrastructure Partners, Hess Midstream's ( HESM ) sponsors.