Energy stocks were falling pre-bell Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.6%.

The United States Oil Fund (USO) was 1.4% lower and the United States Natural Gas Fund (UNG) was up 1.7%.

Front-month US West Texas Intermediate crude oil was down 2.8% at $63.29 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 2.7% to $67.57 per barrel, and natural gas futures were 2% higher at $3.54 per 1 million British Thermal Units.

Shell (SHEL) was down more than 2% after the company reported lower Q4 adjusted earnings and revenue.