03:47 PM EDT, 07/30/2024 (MT Newswires) -- Energy stocks gained late Tuesday afternoon with the NYSE Energy Sector Index adding 1% and the Energy Select Sector SPDR Fund (XLE) climbing 1.7%.

The Philadelphia Oil Service Sector index rose 0.7%, and the Dow Jones US Utilities index was up 0.9%.

West Texas Intermediate crude oil declined 1% to $75.04 a barrel, while global benchmark Brent dropped 0.9% to $78.35 a barrel. Henry Hub natural gas futures jumped 3.9% to $2.116 per 1 million BTU.

In corporate news, Centuri's ( CTRI ) long-term outlook remains positive, UBS said, but the investment firm is cautious about the company's near-term earnings trajectory due to market challenges including slower utility customer spending, delayed or canceled projects and a leadership in transition. UBS downgraded the stock to neutral from buy and slashed the price target to $17 from $30. Centuri ( CTRI ) shares rose 0.7%.

American Electric Power ( AEP ) shares added 0.7% after the company reported Q2 non-GAAP earnings of $1.25 a share, up from $1.13 a year earlier. Analysts polled by Capital IQ expected $1.23.

Phillips 66 (PSX) shares jumped 5.2% after the company reported Q2 adjusted earnings that topped estimates by analysts.

BP (BP) shares fell 0.4% after the company's Q2 revenue dropped, missing estimates.