09:00 AM EDT, 07/23/2024 (MT Newswires) -- Energy stocks were leaning lower premarket Tuesday with the Energy Select Sector SPDR Fund (XLE) recently down 0.2%.

The United States Oil Fund (USO) was 0.9% lower and the United States Natural Gas Fund (UNG) was down 1.6%.

Front-month US West Texas Intermediate crude oil was down 0.9% at $77.66 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 0.9% to $81.67 per barrel, and natural gas futures were down 2.1% at $2.24 per 1 million British Thermal Units.

Mammoth Energy Services ( TUSK ) rallied past 38% after its Cobra Acquisitions subsidiary said it signed an agreement with the Puerto Rico Electric Power Authority and the Financial Oversight and Management Board for Puerto Rico to settle "all outstanding matters." The company plans to use a portion of the $188.4 million in settlement proceeds to pay off its term credit facility.