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Sector Update: Energy Stocks Higher Tuesday Afternoon

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Energy stocks rose Tuesday afternoon, with the NYSE Energy Sector Index increasing 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.8%.

The Philadelphia Oil Service Sector Index was rising 0.4%, and the Dow Jones US Utilities Index was up 0.7%.

Front-month West Texas Intermediate crude oil decreased 0.8% to $73.23 a barrel, and the global benchmark Brent crude contract fell 1% to $77.13 a barrel. Henry Hub natural gas futures dropped 3% to $3.16 per 1 million BTU.

In sector news, the Strait of Hormuz will remain open "with no further naval blockade," and Iran has agreed to the "highest level nuclear inspections," Al Jazeera cited US President Donald Trump as saying. Tehran has no plans to allow international inspections of its nuclear facilities, the Middle East news agency cited Iran's Foreign Affairs Ministry spokesman Esmaeil Baghaei as saying.

Separately, the Trump administration is expected to announce a new deal Tuesday through which the Department of Energy will make available low-interest loans amounting to $17.5 billion for utilities to finance equipment orders for Westinghouse Electric's flagship nuclear reactor, The Wall Street Journal reported, citing the Energy Department and comments from Energy Secretary Chris Wright.

The US and Qatar have warned that the EU could face higher gas prices and supply shortages unless it changes planned methane emissions rules, the Financial Times reported Tuesday, citing a draft letter seen by it.

In corporate news, the US Supreme Court on Tuesday reversed and remanded rulings by lower courts, reviving Exxon Mobil's (XOM) lawsuit seeking more than $1 billion in damages from Cuban government-owned companies over assets confiscated following Fidel Castro's seizure of power in 1959. Exxon shares rose 1.2%.

Walmart (WMT) will buy nuclear power from Constellation Energy (CEG) under a long-term agreement split into two 15-year terms, the companies said Tuesday. Constellation shares were shedding 0.2%.

Energy Fuels (UUUU) said Tuesday it agreed to acquire Germany-based magnetics manufacturer Vacuumschmelze and related entities, collectively known as VAC, from private equity firm Ara Partners in a deal with an equity value of about $1.9 billion. Energy Fuels shares were down 2%.

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