09:27 AM EDT, 05/07/2026 (MT Newswires) -- Energy stocks were lower premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) retreating by 1.6%.

The United States Oil Fund (USO) was down 3.5%, while The United States Natural Gas Fund (UNG) was 0.6% lower.

Front-month US West Texas Intermediate crude oil was down 4.1% at $91.20 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 3.7% to $97.56 per barrel, and natural gas futures were 1% lower at $2.70 per 1 million British Thermal Units.

Shell (SHEL) shares were down nearly 2% in early activity after the company reported lower-than-expected Q1 revenue.

Tenaris (TS) shares were 4% lower in premarket activity after the company said its Q2 sales will be affected by lower shipments in the Middle East. Tenaris also named Gabriel Podskubka its chief executive officer.

MGE Energy (MGEE) stock was down 4.4% before the opening bell after the company said late Wednesday it has launched an underwritten public offering of $250 million common shares, including about $75 million of shares to be sold directly by the company and roughly $175 million to be sold through forward sale agreements.