Energy stocks declined premarket Thursday with the Energy Select Sector SPDR Fund (XLE) down 2% recently.

The United States Oil Fund (USO) fell 3.8% and the United States Natural Gas Fund (UNG) was 0.6% higher.

Front-month US West Texas Intermediate crude oil was down 3% at $67.58 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 2.9% to $71.32 per barrel, and natural gas futures were up 0.6% at $2.65 per 1 million British Thermal Units.

Shell (SHEL) was selected as the preferred bidder at Trinidad and Tobago for a shallow water block, Reuters reported, citing three unnamed people close to the process. Shell shares were down nearly 5% pre-bell.

TotalEnergies (TTE) and Equinor (EQNR) said that they, together with Shell, completed CO2 receiving and storage facilities for the Northern Lights joint venture in Norway. Shares of Equinor and TotalEnergies were more than 2% lower premarket.

Chesapeake Energy (CHK) and Southwestern Energy (SWN) said the waiting period for their proposed merger under the Hart-Scott-Rodino Antitrust Improvements Act has expired. Chesapeake Energy shares were down 1.8% and Southwestern Energy shares were 0.7% lower pre-bell.