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Sector Update: Energy Stocks Lean Lower Premarket Tuesday

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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 2.4% and the United States Natural Gas Fund (UNG) was flat.

Front-month US West Texas Intermediate crude oil was 2.5% lower at $89.04 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 2.3% to $92.04 per barrel, and natural gas futures were up 0.2% at $3.15 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 0.8% lower pre-bell.

Halliburton (HAL) said it has signed a multi-year agreement with Pampa Energia to support the digital transformation of its unconventional operations in Argentina's Vaca Muerta shale region. Halliburton stock was down 0.9% premarket.

Equinor (EQNR) said its corporate assembly elected Jarle Roth as chair of the board beginning July 1, following the departure of Jon Erik Reinhardsen. Equinor shares were 1.6% lower pre-bell.

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