Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 0.8% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.4%.
The Philadelphia Oil Service Sector Index was decreasing 0.3%, and the Dow Jones US Utilities Index rose 0.7%.
Front-month West Texas Intermediate crude oil was down 0.8% at $107.77 a barrel, and the global benchmark Brent crude contract was shedding 0.6% to $111.39 a barrel. Henry Hub natural gas futures rose 3.6% to $3.13 per 1 million BTU.
In corporate news, X-Energy (XE) can deploy about 20 gigawatts of nuclear power by 2040 underpinned by a solid technology value proposition, a capital-light business model, and commercial partnerships, Morgan Stanley said in a note. Morgan Stanley started coverage of the stock at overweight with a price target of $41. X-Energy shares gained 4%.
Cenovus Energy's (CVE) addition of MEG Energy's Christina Lake asset to its portfolio late last year has created a huge in-situ oil sands complex which should yield synergistic development opportunities for decades to come, RBC Capital Markets said in a note. Cenovus shares rose 0.7%.
Equinor (EQNR) shares climbed 2.8% after the firm said it has signed a five-year agreement with Dutch energy provider Eneco to supply natural gas from the Norwegian continental shelf.
BP (BP) maintained the lockout at its Whiting refinery in Indiana after failing to reach a deal with the United Steelworkers, Local 7-1, the company said. BP shares were up 1%.