09:19 AM EST, 12/11/2024 (MT Newswires) -- Energy stocks were advancing pre-bell Wednesday as the Energy Select Sector SPDR Fund ( XLE ) was 0.3% higher recently.

The United States Oil Fund ( USO ) was up 1.6% and the United States Natural Gas Fund ( UNG ) was 3.7% higher.

Front-month US West Texas Intermediate crude oil was 1.1% higher at $69.41 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 1% to $72.91 per barrel, and natural gas futures were up 3.5% at $3.27 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 5% premarket.

New Fortress Energy ( NFE ) shares were 1.7% higher after the company said it has signed a 10-year charter agreement with Egyptian Natural Gas Holding for Energos Eskimo, a 160,000 cubic meter floating storage and regasification unit.

Exxon Mobil ( XOM ) said it is looking to raise capital spending next year with plans to invest $27 billion to $29 billion in 2025, followed by an increase to between $28 billion and $33 billion annually through 2030. Exxon Mobil ( XOM ) shares were down 0.9% premarket.