09:02 AM EST, 12/11/2024 (MT Newswires) -- Energy stocks were higher pre-bell Wednesday as the Energy Select Sector SPDR Fund (XLE) was up 0.4%.

The United States Oil Fund (USO) was up 1.5% and the United States Natural Gas Fund (UNG) was 2.8% higher.

Front-month US West Texas Intermediate crude oil was 1.4% higher at $69.52 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 1.2% to $73.06 per barrel, and natural gas futures were up 4.3% at $3.30 per 1 million British Thermal Units.

Vaalco Energy ( EGY ) said it entered a rig contract with a Borr Drilling ( BORR ) affiliate to drill multiple development wells and appraisal/exploration wells for Vaalco's 2025/2026 drilling program. Borr Drilling ( BORR ) shares were up over 5% premarket.