08:48 AM EST, 02/05/2025 (MT Newswires) -- Energy stocks were advancing premarket Wednesday, with The Energy Select Sector SPDR Fund (XLE) 0.1% higher.

The United States Oil Fund (USO) was 0.8% lower and the United States Natural Gas Fund (UNG) was down 1.4%.

Front-month US West Texas Intermediate crude oil was down 1.2% at $71.85 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 1.2% to reach $75.32 per barrel, and natural gas futures were down 1.6% at $3.20 per 1 million British Thermal Units.

Equinor ( EQNR ) reported Q4 adjusted earnings that lagged analyst expectations in addition to posting lower revenue and other income for the quarter. The company also said it is cutting investment outlook to renewables and low carbon solutions to around $5 billion in total after project financing for 2025-2027. Equinor ( EQNR ) shares were down 3.3% pre-bell.