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Sector Update: Energy Stocks Decline Premarket Tuesday

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Energy stocks were declining premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.1% lower.

The United States Oil Fund (USO) was down 3.5% and The United States Natural Gas Fund (UNG) was 1.5% higher.

Front-month US West Texas Intermediate crude oil was 3.9% lower at $92.80 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3% to $99.04 per barrel, and natural gas futures were up 2% at $2.97 per 1 million British Thermal Units.

BP (BP) stock was down more than 4% after the company said its board unanimously decided to remove Albert Manifold as chair and director.

Baker Hughes (BKR) said it has extended its contract with Petrobras (PBR) to provide integrated well construction services in Brazil's Santos Basin. Petrobras shares were down more than 2% premarket.

Northern Oil and Gas (NOG) said it is acquiring a 25% stake in Canadian oil-producing assets for about 350 million Canadian dollars ($254 million). Northern Oil and Gas stock was down more than 1% pre-bell.

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$GCN6$GLD