09:23 AM EDT, 09/13/2024 (MT Newswires) -- Energy stocks were advancing premarket Friday, with The Energy Select Sector SPDR Fund ( XLE ) 0.7% higher.

The United States Oil Fund ( USO ) was up 1% and the United States Natural Gas Fund ( UNG ) was 1.2% higher.

Front-month US West Texas Intermediate crude oil was up 1.6% at $70.07 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 1.3% to reach $72.93 per barrel, and natural gas futures were 1.6% higher at $2.39 per 1 million British Thermal Units.

Exxon Mobil ( XOM ) has signed a project framework agreement to sell a stake in its low-carbon ammonia facility in Baytown, Texas to Mitsubishi, the latter said, without indicating the size or value of the stake under consideration. Exxon Mobil ( XOM ) shares were 0.6% higher pre-bell.

The US Department of Energy, through its Office of Clean Energy Demonstrations, provided the initial $50 million grant to 1PointFive, an Occidental (OXY) subsidiary that is building the South Texas Direct Air Capture Hub near the Gulf of Mexico in Kingsville, Texas. Occidental said the project is expected to eventually receive up to $500 million in funding over time. Occidental shares were up 0.8% premarket.