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Sector Update: Energy

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Energy stocks were leaning lower premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.5%.

The United States Oil Fund (USO) was down 2.1% and the United States Natural Gas Fund (UNG) was 1.1% higher.

Front-month US West Texas Intermediate crude oil was 2.1% lower at $89.42 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 1.5% to $92.86 per barrel, and natural gas futures were up 1.2% at $3.18 per 1 million British Thermal Units.

BP (BP) said it will be run under a new, simplified organizational structure composed of two distinct business segments, upstream and downstream, beginning July 1. Shares of BP were 0.7% lower pre-bell.

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