Sector Update: Energy Stocks Fall in Tuesday Afternoon Trading

01:59 PM EDT, 08/20/2024 (MT Newswires) -- Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index falling 1.9% and the Energy Select Sector SPDR Fund (XLE) dropping 2.3%.

The Philadelphia Oil Service Sector index slumped 2.8%, and the Dow Jones US Utilities index eased 0.3%.

Front-month West Texas Intermediate crude oil was declining 0.5% to $74.02 a barrel while the global benchmark Brent crude contract was shedding 0.6% to $77.18 a barrel. Henry Hub natural gas futures dropped 1.9% to $2.19 per 1 million BTU.

In corporate news, SJW Group's (SJW) San Jose Water unit said Tuesday it has reached a settlement agreement in its 2025 to 2027 General Rate Case that was filed with the California Public Utilities Commission earlier this year. The agreement provides for $450 million in drinking water infrastructure investment over three years. SJW Group shares fell 0.9%.

Nano Nuclear Energy (NNE) shares popped 1.9% after it said Tuesday that it acquired a property in Oak Ridge, Tennessee, for about $1.7 million to house its nuclear technology headquarters.

Gran Tierra Energy (GTE) shares tumbled 9%. The company said Monday that it has agreed to buy UK-based i3 Energy for 174.1 million British pounds ($226.7 million) in a cash-and-stock deal.