Energy stocks fell Tuesday afternoon with the NYSE Energy Sector Index down 0.3% and the Energy Select Sector SPDR Fund (XLE) shedding 0.6%.
The Philadelphia Oil Service Sector index dropped 0.5%, and the Dow Jones US Utilities index slipped 0.8%.
West Texas Intermediate crude oil rose 0.6% to $66.45 a barrel, global benchmark Brent advanced 0.7% to $69.78 a barrel. Henry Hub natural gas futures fell 1.7% to $4.42 per 1 million BTU.
In sector news, Ontario Premier Doug Ford said his province agreed to suspend the 25% surcharge on electricity exports to Michigan, New York and Minnesota. Ford said he will meet with US Commerce Secretary Howard Lutnick on Thursday in Washington.
In corporate news, GE Vernova's (GEV) power conversion and storage business signed a memorandum of understanding with PyroGenesis to start discussions toward a multiyear collaboration. GE Vernova shares rose 6.1%.
TXNM Energy (TXNM) shares jumped 8.1%. The company is considering a sale after getting takeover interest from a potential buyer, Bloomberg reported Monday.
HighPeak Energy (HPK) shares fell 5.5%, a day after the company reported Q4 net income and operating revenue that trailed estimates by analysts.
Archrock (AROC) agreed to buy Natural Gas Compression Systems and NGCSE for $357 million in cash and stock. Archrock shares rose 6.4%.
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