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Sector Update: Energy Stocks Decline Premarket Wednesday

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Energy stocks were declining premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.6% lower.

The United States Oil Fund (USO) was down 0.6% and the United States Natural Gas Fund (UNG) was 1.1% higher.

Front-month US West Texas Intermediate crude oil was 0.5% lower at $83.50 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 0.5% to $88.45 per barrel, and natural gas futures were up 1.5% at $2.81 per 1 million British Thermal Units.

Borr Drilling (BORR) stock was down more than 8% after the company reported that it swung to a Q2 loss as revenue declined during the period.

TechnipFMC (FTI) won a contract valued at $75 million to $250 million to supply flexible flowlines and risers for Azule Energy's West Hub Tails project offshore Angola. TechnipFMC shares were 0.3% higher pre-bell.

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