Energy stocks were leaning lower pre-bell Friday as the Energy Select Sector SPDR (XLE) was recently declining by 0.93%. The United States Oil Fund (USO) was down more than 1% and the United States Natural Gas Fund (UNG) was over 2% lower.
West Texas Intermediate crude oil was down by 1.1% at $89.51 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude lost 1.36% to $95.28 per barrel and natural gas futures were 2.27% lower at $8.98 per 1 million BTU.
Chesapeake Energy (CHK) was slipping past 1% after saying it has begun an exchange offer for all of its class A, B, and C warrants issued as part of a restructuring completed in February 2021 by the natural gas producer that eliminated more than $7 billion of prior debt.