01:50 PM EDT, 09/03/2024 (MT Newswires) -- Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index falling 2.3% and the Energy Select Sector SPDR Fund (XLE) dropping 2.2%.

The Philadelphia Oil Service Sector index tumbled 5.4%, while the Dow Jones US Utilities index added 0.2%.

Front-month West Texas Intermediate crude oil was dropping 4.4% to $70.30 a barrel while the global benchmark Brent crude contract was falling 4.9% to $73.70 a barrel. Henry Hub natural gas futures were 3.4% higher at $2.20 per 1 million BTU.

In corporate news, TotalEnergies (TTE) said Tuesday it has signed an agreement with Adani Green Energy to form a joint venture with a 1,150 megawatt alternating current solar portfolio in Gujarat, India. TotalEnergies shares were falling 2.9%.

New Fortress Energy ( NFE ) said Tuesday it received authorization from the US Department of Energy to export up to about 1.4 million tons per annum of liquified natural gas to non-free trade agreement countries. New Fortress shares were dropping 7%.

SandRidge Energy ( SD ) said Tuesday it has closed the acquisition of certain producing assets and leasehold stakes in the Cherokee play of the Western Anadarko Basin for $144 million. SandRidge shares were down 1.8%.