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Sector Update: Energy Stocks Higher Late Afternoon

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Energy stocks gained late Tuesday afternoon, with the NYSE Energy Sector Index rising 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.7%.

The Philadelphia Oil Service Sector Index was falling 1%, and the Dow Jones US Utilities Index shed 0.3%.

Front-month West Texas Intermediate crude oil rose 0.6% to $85.04 a barrel, and the global benchmark Brent crude contract added 0.2% to $91.06 a barrel. Henry Hub natural gas futures gained 3.4% to $2.78 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 surged past 9%.

Targa Resources (TRGP) shares jumped 7% in Tuesday trading, a day after the company secured 20-year, fee-based agreements with ExxonMobil (XOM).

Equinor (EQNR) shares added 0.2% after it said Tuesday it signed an agreement with Chevron's (CVX) Harmattan Energy unit to acquire a 17.4% stake in Petroleum Exploration License 90 in the Orange Basin offshore Namibia. Chevron shares were rising 1.5%.

Ecopetrol (EC) has completed the acquisition of a controlling 51% stake in Brava Energia for about $1.20 billion, boosting its presence in Brazil and diversifying its hydrocarbons portfolio, the company said. Ecopetrol shares rose 0.1%.

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