Energy stocks were declining premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.4% lower.

The United States Oil Fund (USO) was down 1.3% and the United States Natural Gas Fund (UNG) was 3.6% higher.

Front-month US West Texas Intermediate crude oil was 1.7% lower at $85.57 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 1.3% to $93.14 per barrel, and natural gas futures were up 1.7% at $2.82 per 1 million British Thermal Units.

TotalEnergies (TTE) will invest in the Fujairah oil export pipeline expansion in Abu Dhabi and continue investing in the Middle East despite ongoing conflict in the region, Reuters reported, citing Chief Executive Patrick Pouyanne at the ONS energy conference in Norway. TotalEnergies shares were down more than 1% pre-bell.