Energy stocks were declining premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) down 0.6%.

The United States Oil Fund (USO) was down 1.8% and the United States Natural Gas Fund (UNG) was 0.6% lower.

Front-month US West Texas Intermediate crude oil was 2.3% lower at $75.06 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 1.5% to $78.39 per barrel, and natural gas futures were down 0.3% at $3.14 per 1 million British Thermal Units.

Equinor (EQNR) and its partners have selected the development concept for the Ringvei Vest project in the Norwegian North Sea, which is expected to contribute about 240 million barrels of oil equivalent, the company said. Equinor stock was down more than 4% pre-bell.

Venture Global (VG) signed new binding agreements with German energy company EnBW to supply 820,000 tonnes per annum of US liquefied natural gas over a period of five years beginning in 2026, the LNG producer said. Venture Global shares were 0.4% lower premarket.