09:27 AM EDT, 04/01/2026 (MT Newswires) -- Energy stocks were declining pre-bell Wednesday, with the State Street Energy Select Sector SPDR ETF ( XLE ) 2.4% lower.

The United States Oil Fund ( USO ) was 1.6% lower and The United States Natural Gas Fund ( UNG ) was down 1.5%.

Front-month US West Texas Intermediate crude oil was 0.7% lower at $100.64 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil declined by 1.3% to $102.48 per barrel, and natural gas futures were 1.6% lower at $2.84 per 1 million British Thermal Units.

Petroleo Brasileiro (PBR) said the chairman of its board, Bruno Moretti, has resigned from his position. Petrobras shares were down more than 1% premarket.

Microsoft ( MSFT ) is in discussions with Chevron ( CVX ) and Engine No. 1 over a long-term agreement covering an energy complex in West Texas, providing electricity to a large data center campus, news outlets reported. Chevron ( CVX ) shares were down more than 2% pre-bell.

Shell (SHEL) is in advanced discussions with Venezuela to develop four offshore areas near Trinidad and Tobago, including parts of the Dragon and Loran fields, Reuters reported, citing two people familiar with the discussions. Shell stock was up 0.3% premarket.