09:00 AM EDT, 07/09/2024 (MT Newswires) -- Energy stocks were leaning lower pre-bell Tuesday with the Energy Select Sector SPDR Fund (XLE) recently declining by 0.4%.

The United States Oil Fund (USO) was down 0.4% and the United States Natural Gas Fund (UNG) was 2.6% higher.

Front-month US West Texas Intermediate crude oil was down 0.6% at $81.80 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 0.6% to $85.21 per barrel, and natural gas futures were up 1.9% at $2.41 per 1 million British Thermal Units.

BP (BP) fell past 4% after saying it expects "significantly lower" refining margins in Q2, potentially impacting earnings from oil products by $500 million to $700 million.