09:26 AM EDT, 03/25/2026 (MT Newswires) -- Energy stocks were declining premarket Wednesday, with the State Street Energy Select Sector SPDR ETF ( XLE ) falling by 1.1%.

The United States Oil Fund ( USO ) was 4.7% lower and The United States Natural Gas Fund ( UNG ) was down 1.1%.

Front-month US West Texas Intermediate crude oil was down 4.7% at $88.06 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell by 4.7% to $99.56 per barrel, and natural gas futures were 0.9% lower at $2.92 per 1 million British Thermal Units.

Chevron ( CVX ) may stop refining oil in the state unless taxes and regulations are eased, Bloomberg reported, citing the company. Shares of Chevron ( CVX ) were down more than 1% pre-bell.

NOV (NOV) shares were 0.3% higher after the company said it plans to invest $200 million over the next three years to roughly double capacity at its subsea flexible pipe manufacturing facility in Brazil's Acu.

Valero Energy ( VLO ) is looking to restart its Port Arthur oil refinery in Texas this week after it was shut down on Tuesday due to an explosion, Reuters reported, citing unnamed people familiar with the matter. Valero Energy ( VLO ) stock was down 0.9% premarket.