03:57 PM EDT, 09/03/2024 (MT Newswires) -- Energy stocks were lower late Tuesday afternoon, with the NYSE Energy Sector Index falling 2.5% and the Energy Select Sector SPDR Fund (XLE) declining 2.3%.

The Philadelphia Oil Service Sector index tumbled 5.1%, and the Dow Jones US Utilities index eased 0.4%.

Front-month West Texas Intermediate crude oil dropped 4.5% to $70.26 a barrel while the global benchmark Brent crude contract was falling 4.9% to $73.70 a barrel. Henry Hub natural gas futures were 4.1% higher at $2.21 per 1 million BTU.

In corporate news, EnLink Midstream ( ENLC ) shares were falling 1.6% after Capital One downgraded the stock to equalweight from overweight, with a $16 price target.

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 3.1%.

New Fortress Energy ( NFE ) said 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 6%.

SandRidge Energy ( SD ) said it has closed the acquisition of some producing assets and leasehold stakes in the Cherokee play of the Western Anadarko Basin for $144 million. SandRidge shares were down 1.7%.