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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 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) up 1.3%.

The Philadelphia Oil Service Sector Index was decreasing 0.2%, and the Dow Jones US Utilities Index rose 1.2%.

Brent crude futures rose close to the $100 mark on Tuesday after attacks on Saudi Arabian energy facilities prompted temporary production shutdowns. Oil prices are up so far in September following two consecutive monthly gains as tensions between the US and Iran escalated. Yemen's Iran-allied Houthi group struck civilian and economic sites in Saudi Arabia, injuring 73 people, the kingdom's Ministry of Foreign Affairs said Tuesday. The attacks sparked fires at several energy facilities, prompting a temporary halt to operations, the Saudi Energy Ministry. The Houthi group targeted Saudi Aramco's facilities across Abha, Najran, and Jazan, Bloomberg reported, citing the group's military spokesperson.

Front-month West Texas Intermediate crude oil rose 2.2% to $93.52 a barrel, and the global benchmark Brent crude contract added 1.6% to $98.59 a barrel. Henry Hub natural gas futures fell 2% to $2.92 per 1 million BTU.

In corporate news, Cenovus Energy (CVE) shares rose 3% after JPMorgan upgraded the stock to overweight from neutral.

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