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Sector Update: Energy

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-- Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.6%.

The Philadelphia Oil Service Sector Index was decreasing 0.2%, and the Dow Jones US Utilities Index was up 0.6%.

Front-month West Texas Intermediate crude oil declined 3.7% to $102.45 a barrel, and the global benchmark Brent crude contract dropped 4% to $109.92 a barrel. Henry Hub natural gas futures fell 2.6% to $2.79 per 1 million BTU.

In corporate news, Shell (SHEL) and Ineos Energy have agreed to jointly invest in oil and gas exploration and development opportunities in the Gulf of Mexico, Ineos Energy said. Shell shares rose 0.7%.

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