09:29 AM EDT, 05/26/2026 (MT Newswires) -- Energy stocks were declining premarket Tuesday, with the State Street Energy Select Sector SPDR ETF ( XLE ) 1.1% lower.

The United States Oil Fund ( USO ) was down 3.5% and The United States Natural Gas Fund ( UNG ) was 1.5% higher.

Front-month US West Texas Intermediate crude oil was 3.9% lower at $92.80 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3% to $99.04 per barrel, and natural gas futures were up 2% at $2.97 per 1 million British Thermal Units.

BP (BP) stock was down more than 4% after the company said its board unanimously decided to remove Albert Manifold as chair and director.

Baker Hughes ( BKR ) said it has extended its contract with Petrobras (PBR) to provide integrated well construction services in Brazil's Santos Basin. Petrobras shares were down more than 2% premarket.

Northern Oil and Gas ( NOG ) said it is acquiring a 25% stake in Canadian oil-producing assets for about 350 million Canadian dollars ($254 million). Northern Oil and Gas ( NOG ) stock was down more than 1% pre-bell.