01:49 PM EST, 03/04/2025 (MT Newswires) -- Energy stocks fell Tuesday afternoon with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) both shedding 1%.

The Philadelphia Oil Service Sector index declined 1.4%, and the Dow Jones US Utilities index lost 0.4%.

West Texas Intermediate crude oil eased 0.4% to $68.08 a barrel, while global benchmark Brent dropped 1.1% to $70.87 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 dropped 1.2%.

Evolution Petroleum ( EPM ) shares rose 1.3%. The company agreed to buy non-operated oil and natural gas assets in New Mexico, Texas and Louisiana for $9 million from an undisclosed seller.

NuScale Power ( SMR ) shares jumped 12%. The company reported a Q4 revenue surge that surprised analysts.