02:00 PM EDT, 03/19/2024 (MT Newswires) -- Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each rising 1%.

The Philadelphia Oil Service Sector index climbed 1.8%, and the Dow Jones US Utilities index was up 0.5%.

Front-month West Texas Intermediate crude oil was rising 1.3% to $83.77 a barrel while the global benchmark Brent crude contract was advancing 0.8% to $87.62 a barrel.

Henry Hub natural gas futures were 2% higher at $1.74 per 1 million BTU.

In corporate news, Pembina Pipeline ( PBA ) said Tuesday it has received approval from Canada's Competition Bureau for the proposed takeover by Pembina of Enbridge's interest in the Alliance, Aux Sable, and NRGreen joint ventures. Pembina shares rose 0.5%.

Dril-Quip ( DRQ ) added 0.8% after saying it agreed to merge with Innovex Downhole Solutions in an all-stock deal.

Liquefied natural gas prices have dropped by roughly one-third over the last nine months, boosting demand and potentially tightening the market in the near-term, Reuters reported Tuesday, citing executives at the CERAWeek energy conference on Monday. Executives from Chevron ( CVX ) , Trafigura and other companies expect the price decline to result in greater demand, with Shell (SHEL) Chief Executive Wael Sawan saying demand is already increasing, Reuters reported.