01:30 PM EDT, 04/09/2024 (MT Newswires) -- Energy stocks were softer Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.4% and the Energy Select Sector SPDR Fund (XLE) down 0.5%.

The Philadelphia Oil Service Sector index was shedding 0.7%, while the Dow Jones US Utilities index was fractionally higher.

Front-month West Texas Intermediate crude oil was declining 1.4% to $85.23 a barrel while the global benchmark Brent crude contract was dropping 1.1% to $89.41 a barrel. Henry Hub natural gas futures were 0.3% higher at $1.85 per 1 million BTU.

In corporate news, Diamondback Energy ( FANG ) has launched a bond offering comprising up to five parts, Bloomberg reported Tuesday. The longest portion of the issuance is a 40-year security that could yield 170 basis points above Treasuries, the report said, adding the offering's total size is about $5 billion. Diamondback shares were down 0.3%.

Sunoco ( SUN ) and NuStar Energy ( NS ) said Tuesday that the waiting period for Sunoco's ( SUN ) $7.3 billion acquisition of NuStar under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has ended. Sunoco ( SUN ) shares were falling 1.6% and NuStar added 0.7%.

Chevron ( CVX ) shares shed 0.4% after UBS raised the company's price target to $197 from $185 and kept the buy rating.