01:50 PM EDT, 07/09/2024 (MT Newswires) -- Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.4% and the Energy Select Sector SPDR Fund (XLE) down 0.2%.

The Philadelphia Oil Service Sector index was posting a 0.6% decline, while the Dow Jones US Utilities index was adding 0.8%.

Front-month West Texas Intermediate crude oil was falling 0.8% to $81.69 a barrel while the global benchmark Brent crude contract was dropping 0.9% to $84.97 a barrel. Henry Hub natural gas futures were 1% higher at $2.39 per 1 million BTU.

In corporate news, Unitil ( UTL ) shares popped 1.6% after the company said Tuesday it has agreed to buy Bangor Natural Gas from Hope Utilities' PHC Utilities unit for $70.9 million on a debt-free basis.

BP (BP) shares tumbled 4.2% after the company said Tuesday it expects "significantly lower" refining margins in Q2, potentially impacting earnings from oil products by $500 million to $700 million.

CenterPoint Energy ( CNP ) , the largest electricity provider in Texas, began restoring power Monday afternoon to its almost 2.3 million customers who lost power when Hurricane Beryl made landfall in the state, the company said late Monday. CenterPoint shares were falling 1.3%.