Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 1.1% and the Energy Select Sector SPDR Fund (XLE) adding 1.2%.
The Philadelphia Oil Service Sector index climbed 1.2%, while the Dow Jones US Utilities index was down 0.2%.
Front-month West Texas Intermediate crude oil was rising 1.3% to $73.25 a barrel while the global benchmark Brent crude contract was advancing 1.4% to $76.93 a barrel. Henry Hub natural gas futures rose 2% to $3.51 per 1 million BTU.
In corporate news, Schlumberger (SLB) is reorganizing some business functions and continuing workforce reductions, Reuters reported. Its shares added 2.2%.
Phillips 66 (PSX) activist investor Elliott Investment Management said Tuesday the company's midstream business should be sold or spun off. Phillips 66 shares popped 4.7%.
Chevron's (CVX) oil and gas reserves have fallen to their lowest level in at least a decade, Reuters reported Tuesday. The amount of oil and gas that Chevron can potentially extract dropped to 9.8 billion barrels of oil equivalent as of the end of 2024 from 11.1 billion in 2023, the report said. Chevron shares were rising 1.4%.
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