Energy stocks were falling premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 1.6%.

The United States Oil Fund (USO) was 5.2% lower and the United States Natural Gas Fund (UNG) fell by 19%.

Front-month US West Texas Intermediate crude oil was down 4.8% at $62.08 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 4.6% to $66.15 per barrel. Natural gas futures were 18.6% lower at $3.543 per 1 million British Thermal Units.

Devon Energy (DVN) and Coterra Energy (CTRA) said they have agreed to merge in an all-stock deal. Devon Energy shares were down more than 2% and Coterra Energy stock was down nearly 4% pre-bell.