03:55 PM EDT, 03/12/2024 (MT Newswires) -- Energy stocks were advancing late Tuesday afternoon, with the NYSE Energy Sector Index adding 0.3% and the Energy Select Sector SPDR Fund (XLE) rising 0.1%.

The Philadelphia Oil Service Sector index was up 0.1%, while the Dow Jones US Utilities index fell 0.8%.

Front-month West Texas Intermediate crude oil was down 0.2% to $77.81 a barrel while the global benchmark Brent crude contract was shedding 0.1% to $82.13 a barrel. Henry Hub natural gas futures were 2.6% lower at $1.71 per 1 million BTU.

In corporate news, Vale (VALE) board member Jose Luciano Duarte Penido, who resigned on Monday, alleged that the succession process of the chief executive of the company was "manipulated," according to media reports Tuesday. Vale shares were down 0.5%.

CNX Resources ( CNX ) said it expects output this year to be lower than previously estimated as an oversupplied natural gas market prompted it to delay completion activities on three Marcellus Shale pads comprising 11 wells. Its shares were 0.3% higher.

Shell (SHEL) may soon slow the pace of its carbon-reduction efforts, unnamed people familiar with the matter told Bloomberg. Shell shares were adding 0.5%.

Hess Midstream ( HESM ) gained 0.9% after the firm said Tuesday it signed a deal for the repurchase of about $100 million of Class B units by its subsidiary, Hess Midstream Operations, from affiliates of Hess Corporation and Global Infrastructure Partners, Hess Midstream's ( HESM ) sponsors.