09:07 AM EDT, 06/04/2024 (MT Newswires) -- Energy stocks were declining pre-bell Tuesday as the Energy Select Sector SPDR Fund (XLE) was almost 1% lower.

The United States Oil Fund (USO) was 1.6% lower and the United States Natural Gas Fund (UNG) was down 1.1%.

Front-month US West Texas Intermediate crude oil was down 1.5% at $73.11 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 1.6% to $77.11 per barrel. Natural gas futures were down 0.1% at $2.754 per 1 million British Thermal Units.

Chevron ( CVX ) idled production on a unit of its Gorgon liquified natural gas plant in western Australia, only days after reopening it last week following an extended shutdown for repairs, Bloomberg reported, citing people familiar with the situation. Chevron ( CVX ) was 0.8% lower premarket.