09:27 AM EDT, 05/07/2026 (MT Newswires) -- Energy stocks were lower premarket Thursday, with the State Street Energy Select Sector SPDR ETF ( XLE ) retreating by 1.6%.

The United States Oil Fund ( USO ) was down 3.5%, while The United States Natural Gas Fund ( UNG ) was 0.6% lower.

Front-month US West Texas Intermediate crude oil was down 4.1% at $91.20 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 3.7% to $97.56 per barrel, and natural gas futures were 1% lower at $2.70 per 1 million British Thermal Units.

Shell (SHEL) shares were down nearly 2% in early activity after the company reported lower-than-expected Q1 revenue.

Tenaris ( TS ) shares were 4% lower in premarket activity after the company said its Q2 sales will be affected by lower shipments in the Middle East. Tenaris ( TS ) also named Gabriel Podskubka its chief executive officer.

MGE Energy ( MGEE ) stock was down 4.4% before the opening bell after the company said late Wednesday it has launched an underwritten public offering of $250 million common shares, including about $75 million of shares to be sold directly by the company and roughly $175 million to be sold through forward sale agreements.