Energy stocks were declining pre-bell Monday, with the State Street Energy Select Sector SPDR ETF (XLE) down 1.6%.

The United States Oil Fund (USO) was 8% lower and the United States Natural Gas Fund (UNG) was down 4.6%.

Front-month US West Texas Intermediate crude oil was down 7.9% at $90.47 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil declined by 7.9% to $103.36 per barrel, and natural gas futures were 4.8% lower at $2.95 per 1 million British Thermal Units.

Venture Global (VG) and Vitol said they have executed a new binding agreement for the purchase of about 1.5 million tonnes per annum of US liquefied natural gas. Venture Global stock was down more than 5% premarket.