01:56 PM EDT, 08/06/2024 (MT Newswires) -- Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index increasing 1.1% and the Energy Select Sector SPDR Fund (XLE) rising 1.5%.

The Philadelphia Oil Service Sector index was posting a 1% increase, and the Dow Jones US Utilities index was adding 1.4%.

Front-month West Texas Intermediate crude oil was up 0.4% at $73.24 a barrel while the global benchmark Brent crude contract was advancing 0.4% to $76.57 a barrel. Henry Hub natural gas futures spiked 3.4% to $2.01 per 1 million BTU.

In corporate news, Sempra ( SRE ) shares were falling 1.3% after it reported Q2 adjusted earnings Tuesday of $0.89 per diluted share, down from $0.94 a year earlier. Analysts surveyed by Capital IQ expected $0.94.

Marathon Petroleum ( MPC ) shares jumped 6.3% after its Q2 adjusted earnings and revenue came in ahead of analysts' estimates.

Phillips 66 (PSX) said Tuesday it is planning layoffs as part of its strategy to support efficiency. Its shares were adding 1.5%.