09:23 AM EDT, 07/07/2025 (MT Newswires) -- Energy stocks were declining premarket Monday as the Energy Select Sector SPDR Fund ( XLE ) was down 0.3% recently.

The United States Oil Fund ( USO ) was up 1.2% and the United States Natural Gas Fund ( UNG ) was 2.1% lower.

Front-month US West Texas Intermediate crude oil was up 0.2% at $67.15 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 0.7% to $68.77 per barrel, and natural gas futures were 1.7% lower at $3.35 per 1 million British Thermal Units.

Shell (SHEL) shares were down more than 2% after the company tightened its Q2 production outlook for integrated gas and LNG businesses, warning that trading and optimization is expected to be "significantly lower" than Q1.

Petroleo Brasileiro (PBR), or Petrobras, is weighing the sale of its Polo Bahia Terra onshore operations in Brazil, Bloomberg News reported, citing Chief Executive Officer Magda Chambriard. Petrobras shares were 1% lower premarket.

Companies from Indonesia and the US, including Pertamina, ExxonMobil ( XOM ) , and Chevron ( CVX ) , are expected to sign a $34 billion memorandum of understanding expanding trade in energy and agriculture, Reuters reported, citing a government official. Chevron ( CVX ) shares were down 0.5% and shares of ExxonMobil ( XOM ) were 0.4% lower pre-bell.