03:41 PM EDT, 07/09/2024 (MT Newswires) -- Energy stocks were lower late Tuesday afternoon, with the NYSE Energy Sector Index down 0.7% and the Energy Select Sector SPDR Fund (XLE) shedding 0.6%.

The Philadelphia Oil Service Sector index was posting a 0.9% drop, while the Dow Jones US Utilities index was adding 0.2%.

Front-month West Texas Intermediate crude oil fell 0.9% to $81.57 a barrel, while global benchmark Brent dropped 1.1% to $84.81 a barrel. Henry Hub natural-gas futures shed nearly 1% to $2.34 per 1 million BTU.

In corporate news, Prairie Operating ( PROP ) said Tuesday it plans to begin drilling its first wells in August at eight sites targeting the Niobrara B and C formations of the Denver-Julesburg Basin. Its shares were falling 5.4%.

California Water Service Group ( CWT ) rose 0.9% after it said Tuesday that its California Water Service ( CWT ) unit plans to invest over $1.6 billion in its districts from 2025 to 2027.

BP (BP) tumbled 4.6% 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.

Unitil ( UTL ) popped 1% after it 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.