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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) 0.7% lower.

The United States Oil Fund (USO) was down 0.4% and the United States Natural Gas Fund (UNG) was 1.2% higher.

Front-month US West Texas Intermediate crude oil was 2.1% lower at $80.63 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 2.3% to reach $86.59 per barrel, and natural gas futures were up 2.3% at $2.83 per 1 million British Thermal Units.

Enbridge (ENB) said it signed a definitive agreement to acquire Salt Creek Midstream's crude oil gathering business for $600 million in cash. Enbridge stock was 0.2% higher pre-bell.

SLB (SLB) has received access to Venezuela's oilfield data, following a contract signed between the company and the state-run Petroleos de Venezuela, Reuters reported, citing three sources close to the negotiations. SLB shares were down 0.5% premarket.

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