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Tuesday's Energy Stocks: With broader markets jittery, energy sector advances

Broader markets slid on Tuesday, June 6, as investor uncertainty associated with the upcoming U.K. election and in the U.S., former Federal Bureau of Investigation Director James Comey scheduled to testify before the Senate later in the week. Energy indexes mostly advanced following a lackluster Monday, with crude oil prices settling higher.

The Dow Jones Industrial Average shed 0.23% to close Tuesday's session at 21,136.23, and the S&P 500 lost 0.28% to finish at 2,429.33. The SNL Energy Index gained 0.15% to reach 290.99.

SemGroup Corp. agreed to acquire Houston Fuel Oil Terminal Co. from investment funds managed by Alinda Capital Partners LLC for $2.1 billion in a bid to solidify SemGroup's position on the Gulf Coast. The company fell 7.83% to $28.85 on heavy trading.

DCP Midstream LP advanced 1.55% to $34.62 on brisk volume after announcing the $500 million project launch of an additional expansion of its Sand Hills NGL pipeline, that would increase capacity to about 450,000 barrels per day.

Crestwood Equity Partners LP revealed on Tuesday that it has completed its initial build-out of the Nautilus gas gathering system in the Delaware Basin ahead of schedule and under budget, placing it into service on June 2. The partnership saw its stock rise 2.34% to $23.95 in slow trading.

Midstream giant Southwestern Energy Co. led the industry on Tuesday by gaining 5.56% to close at $6.08 on heavy trading volume.

The SNL Midstream Energy Index added 0.60% to end the day at 113.96.

Canadian Solar Inc shares retreated 0.79% to end an active session at $12.59 after reporting first-quarter results of a non-GAAP net loss attributable to the company of $6 million, or a loss of 10 cents per diluted share.

Additionally, the solar panel manufacturer cut guidance for panel shipments this year due to a shortage of internal cell capacity, choosing to "protect our margins" rather than chase third-party deals that may not "contribute to the bottom line profit," Canadian Solar Chairman, President and CEO Shawn Qu said.

In the merchant power sector, Dynegy Inc. stock advanced 3.90% to close at $8.52 on high volume.

The SNL Merchant Generator Index managed to close on the positive side of the ledger, adding 0.62% to finish at 89.58.

July natural gas futures turned higher Tuesday, June 6, as a five-day winning streak came to an end amid technical buying at lows with some modest fundamental support behind the climb. The contract settled 6.0 cents higher at $3.042/MMBtu, while spanning a range from $2.972/MMBtu to $3.059/MMBtu throughout the session.

Market prices and index values are current as of the time of publication and are subject to change.