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Sector Update: Energy Stocks Decline Late Afternoon

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Energy stocks were lower late Tuesday afternoon, with the NYSE Energy Sector Index easing 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.6%.

The Philadelphia Oil Service Sector Index rose 0.5%, and the Dow Jones US Utilities Index retreated 1.2%.

Front-month West Texas Intermediate crude oil fell 0.9% to $70.13 a barrel, and the global benchmark Brent crude contract eased 0.3% to $72.92 a barrel. Henry Hub natural gas futures rose 2.5% to $3.26 per 1 million BTU.

In sector news, US envoy for the Middle East Steve Witkoff and President Donald Trump's son-in-law Jared Kushner are in Doha to meet Qatari mediators, CNN reported Tuesday, citing Qatar's Foreign Ministry spokesperson. The US duo will not meet with Iranian officials, the news report added.

Separately, the US Federal Communications Commission is drafting a rule that would ban imports of foreign inverters, which connect solar projects and batteries to the grid, due to concerns China could disrupt power supplies with them, Reuters reported.

In corporate news, Sable Offshore (SOC) shares tumbled 57%. Bloomberg reported that JPMorgan Chase (JPM), which is running a stock and note offering from Sable, has seen limited investor demand for a loan paying 15%.

Air Products and Chemicals (APD) shares jumped 8% after it said Tuesday it will not proceed with the Louisiana Clean Energy Project due to expected financial returns that do not meet stringent return criteria.

Shell (SHEL) is close to a deal to sell over 600 retail fuel outlets in South Africa to Abu Dhabi National Oil's retail arm for a deal valued at around $1 billion, Bloomberg reported. Shell shares rose 0.8%.

Gulfport Energy (GPOR) has acquired roughly 4,700 net undeveloped acres in Ohio's Utica region for about $83 million, expanding its gas inventory in the area, the company said Monday. Its shares were up 2.5%.

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