09:19 AM EDT, 06/04/2025 (MT Newswires) -- Energy stocks were declining premarket Wednesday, with The Energy Select Sector SPDR Fund ( XLE ) down 0.1%.

The United States Oil Fund ( USO ) was up 0.2% and the United States Natural Gas Fund ( UNG ) was 0.9% lower.

Front-month US West Texas Intermediate crude oil was down 0.6% at $63.05 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 0.6% to reach $65.25 per barrel, and natural gas futures were 0.7% lower at $3.70 per 1 million British Thermal Units.

Kosmos Energy ( KOS ) , the government of Ghana, Tullow Oil, PetroSA, Ghana National Petroleum, and Explorco said they have entered into a memorandum of understanding to extend the West Cape Three Points and Deep Water Tano licenses to 2040. Kosmos Energy ( KOS ) shares were up 0.8% pre-bell.

Transocean ( RIG ) said it expects to include a non-cash charge of $1.10 billion to $1.20 billion in its Q2 results due to impairment charges of its rigs. The company's shares were 0.2% higher premarket.