01:45 PM EDT, 06/18/2024 (MT Newswires) -- Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index adding 0.9% and the Energy Select Sector SPDR Fund (XLE) up 0.4%.

The Philadelphia Oil Service Sector index was posting a 1% increase, and the Dow Jones US Utilities index was down 0.2%.

Front-month West Texas Intermediate crude oil was rising 1.1% to $81.22 a barrel while the global benchmark Brent crude contract was advancing 0.8% to $84.93 a barrel. Henry Hub natural gas futures spiked 3.4% to $2.88 per 1 million BTU.

In corporate news, NextEra Energy (NEE) fell 3.6% after the company said it agreed to sell $2 billion of equity units to Wells Fargo Securities and BofA Securities.

Berkshire Hathaway (BRK.A) raised its stake in Occidental Petroleum ( OXY ) to about 255.3 million shares after a series of purchases between June 5 and Monday. Occidental Petroleum ( OXY ) shares gained 1.5% and Berkshire was fractionally higher.

Shell (SHEL), KKR (KKR) and IFM Investors are exploring selling their stakes, which total about 55.3% collectively, in the Colonial Pipeline at over a $10 billion company valuation, Reuters reported. Shell added 0.6% and KKR was up 1%.