09:39 AM EDT, 09/20/2024 (MT Newswires) -- Energy stocks were declining in early trading Friday with the Energy Select Sector SPDR Fund ( XLE ) 0.7% lower recently.

The United States Oil Fund ( USO ) was down 0.6% and the United States Natural Gas Fund ( UNG ) was 0.2% lower.

Front-month US West Texas Intermediate crude oil was down 0.6% at $70.75 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 0.6% to $74.40 per barrel. Natural gas futures were down 0.8% at $2.330 per 1 million British Thermal Units.

Sable Offshore ( SOC ) shares were down 15% after the company said it signed subscription agreements to issue 7.5 million shares of its common stock in a private placement to institutional investors for gross proceeds of around $150 million.

Diamondback Energy ( FANG ) shares were over 1.5% lower after it priced an underwritten public offering of about 12.8 million shares of its common stock, upsized from 11.3 million shares, by certain Legacy Endeavor stockholders.

Standard Lithium ( SLI ) and Equinor ( EQNR ) said their jointly-owned US subsidiary, SWA Lithium, has been selected for up to $225 million award negotiation by the US Department of Energy. Equinor ( EQNR ) shares were down 0.7% recently.