Energy stocks were declining pre-bell Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) falling 0.8%.

The United States Oil Fund (USO) was down 4.1% and the United States Natural Gas Fund (UNG) was 0.3% lower.

Front-month US West Texas Intermediate crude oil was 4.4% lower at $77.22 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 4% to $79.87 per barrel, and natural gas futures were up 0.5% at $3.16 per 1 million British Thermal Units.

Sable Offshore (SOC) stock was down more than 2% after the company said it launched a proposed senior secured term loan of up to $1 billion to refinance its existing secured term loan with Exxon Mobil (XOM).