Sector Update: Energy Stocks Lean Lower Premarket Monday

Energy stocks were leaning lower premarket Monday, with The Energy Select Sector SPDR Fund (XLE) declining by 0.1%.

The United States Oil Fund (USO) was 1.8% lower and the United States Natural Gas Fund (UNG) was down 0.6%.

Front-month US West Texas Intermediate crude oil was 2.1% lower at $64.33 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 1.8% to reach $68.87 per barrel, and natural gas futures were down 1.7% at $3.15 per 1 million British Thermal Units.

Occidental Petroleum (OXY) is working with advisers to sell its OxyChem unit in a deal likely to be worth at least $10 billion, the Financial Times reported, citing two people familiar with the matter. Occidental Petroleum shares were up more than 1% pre-bell.

Vistra (VST) said it will build two new natural gas power units at its Permian Basin Power Plant in Texas, boosting the site's capacity to 1,185 megawatts from 325 MW. Vistra stock was down 1.7% premarket.

TotalEnergies (TTE) said it has signed an agreement to divest 50% of its 1.4 gigawatts solar portfolio in North America to KKR (KKR) for $950 million. TotalEnergies shares were 1.1% lower pre-bell.