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Sector Update: Energy

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Energy stocks rose late Tuesday afternoon, with the NYSE Energy Sector Index increasing 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.7%.

The Philadelphia Oil Service Sector Index was fractionally lower, and the Dow Jones US Utilities Index was up 0.7%.

Front-month West Texas Intermediate crude oil decreased 0.7% to $73.31 a barrel, and the global benchmark Brent crude contract fell 1% to $77.13 a barrel. Henry Hub natural gas futures dropped 3% to $3.16 per 1 million BTU.

In corporate news, Petrobras (PBR) and Petroleos Mexicanos signed a non-binding memorandum of understanding focused on oil exploration and production in the Gulf of Mexico, Bloomberg reported, citing the companies' chief executives. Petrobras shares were down 0.1%.

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