08:53 AM EST, 12/16/2024 (MT Newswires) -- Energy stocks were retreating premarket Monday with the Energy Select Sector SPDR Fund (XLE) 0.1% lower recently.

The United States Oil Fund (USO) was 0.5% lower and the United States Natural Gas Fund (UNG) was down 2.5%.

Front-month US West Texas Intermediate crude oil was down 0.9% at $70.66 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 0.7% to $73.97 per barrel. Natural gas futures were down 2.4% at $3.200 per 1 million British Thermal Units.

BP (BP) and XRG said they have reached a financial close and completed the formation of their Arcius Energy joint venture, a natural gas platform. BP shares were down 1.8% pre-bell Monday.