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Sector Update: Energy

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Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.4%.

The Philadelphia Oil Service Sector Index was falling 1.1%, and the Dow Jones US Utilities Index advanced 0.5%.

Front-month West Texas Intermediate crude oil rose 0.6% to $85.04 a barrel, and the global benchmark Brent crude contract added 0.4% to $91.20 a barrel. Henry Hub natural gas futures increased 2.4% to $2.75 per 1 million BTU.

In corporate news, KKR (KKR) has offered to buy natural-gas and electricity distributor UGI (UGI) for $42.50 per share, or roughly $9 billion, The Wall Street Journal reported. UGI shares jumped past 11%.

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