09:18 AM EST, 12/09/2024 (MT Newswires) -- Energy stocks were advancing premarket Monday, with The Energy Select Sector SPDR Fund ( XLE ) 0.7% higher.

The United States Oil Fund ( USO ) was 1.7% higher and the United States Natural Gas Fund ( UNG ) was up 2.9%.

Front-month US West Texas Intermediate crude oil was up 1.6% at $68.30 per barrel on the New York /Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 1.4% to reach $72.12 per barrel, and natural gas futures were up 4.3% at $3.21 per 1 million British Thermal Units.

BP (BP) and Japanese power generation company Jera said Monday they are forming Jera Nex bp, a London-based joint venture to integrate their offshore wind businesses. BP shares were up 4.5% pre-bell.

Devon Energy ( DVN ) stock was 0.9% higher after the company said that Chief Operating Officer Clay Gaspar will succeed Rick Muncrief as chief executive officer on March 1.

Forum Energy Technologies ( FET ) said Monday its board approved a share buyback plan of up to $75 million, and also completed the sale and leaseback of two Texas-based manufacturing facilities for net proceeds of about $20 million. Forum Energy ( FET ) shares were up 5.2% pre-bell.