Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.9% and the Energy Select Sector SPDR Fund (XLE) falling 1.3%.
The Philadelphia Oil Service Sector index dropped 1.4%, and the Dow Jones US Utilities index shed 0.4%.
Front-month West Texas Intermediate crude oil was declining 1.7% to $69.52 a barrel while the global benchmark Brent crude contract was dropping 1.2% to $73.03 a barrel. Henry Hub natural gas futures rose 0.31% to $3.22 per 1 million BTU.
In corporate news, PG&E (PCG) is being awarded a $15 billion low-interest loan commitment from the US Department of Energy to finance hundreds of projects to fight the impact of climate change and improve the electrical grid, The Wall Street Journal reported. PG&E shares added 0.7%.
Kosmos Energy (KOS) shares jumped 13% after the company said it does not currently plan to make an offer for Tullow Oil after preliminary discussions about a potential acquisition.
Gran Tierra Energy (GTE) shares fell 1.8% after it said Tuesday that it completed the sale of a 50% stake and operatorship of a portion of its Simonette Montney assets in Alberta, Canada, to Logan Energy for 52 million Canadian dollars ($36.3 million) in cash.
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