09:28 AM EDT, 04/08/2026 (MT Newswires) -- Energy stocks were falling premarket Wednesday, with the State Street Energy Select Sector SPDR ETF ( XLE ) down 5.6%.

The United States Oil Fund ( USO ) was 14% lower and The United States Natural Gas Fund ( UNG ) was down 3.9%.

Front-month US West Texas Intermediate crude oil was 18% lower at $92.55 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 16% to $91.23 per barrel, and natural gas futures were down 4% at $2.76 per 1 million British Thermal Units.

Exxon Mobil ( XOM ) stock was down more than 6% after the company said it expects its Q1 global oil-equivalent production to be 6% lower, compared with Q4 last year owing to attacks on facilities in Qatar and the United Arab Emirates in March.

Shell (SHEL) shares were down more than 4% after the company said it expects Q1 upstream production of 1.76 million to 1.86 million barrels of oil equivalent per day, compared with 1.89 million in Q4.

Petroleo Brasileiro (PBR) and IG4 Capital have received approval from the European Commission to acquire joint control of Braskem ( BAK ) under the EU Merger Regulation. Petrobras shares were down more than 6% pre-bell.