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Sector Update: Energy

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Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index falling 1.2% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1.6%.

The Philadelphia Oil Service Sector Index shed 2.8%, and the Dow Jones US Utilities Index was up 0.4%.

Front-month West Texas Intermediate crude oil fell 5% to $78.51 a barrel, and the global benchmark Brent crude contract dropped 5.9% to $83.15 a barrel. Henry Hub natural gas futures declined 3.3% to $2.68 per 1 million BTU.

In corporate news, ExxonMobil (XOM) offers limited upside following its recent share-price gains, while Chevron (CVX) presents a stronger medium-term setup, BofA Securities said in a Tuesday note. BofA lowered its rating on Exxon to neutral from buy while raising its price target to $158 from $154. BofA kept its buy rating on Chevron and increased its price target to $227 from $210. Exxon fell 1.5%, and Chevron was down 1.2%.

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