09:25 AM EDT, 05/13/2024 (MT Newswires) -- Energy stocks were advancing premarket Monday, with the Energy Select Sector SPDR Fund ( XLE ) 0.2% higher recently.

The United States Oil Fund ( USO ) was 0.6% higher, and the United States Natural Gas Fund ( UNG ) was up 1%.

Front-month US West Texas Intermediate crude oil was up 0.6% at $78.70 per barrel at the New York Mercantile Exchange. Global benchmark Brent gained 0.4% to $83.13 per barrel, and natural-gas futures were up 0.9% at $2.27 per 1 million British Thermal Units.

Chevron's ( CVX ) proposed $53 billion acquisition of Hess (HES) would give big oil firms more leverage to increase gas prices, and "the [Federal Trade Commission] should side with consumers and pump the breaks on this deal," US Senate Majority Leader Chuck Schumer said late Sunday in a post on X. Chevron ( CVX ) was 0.2% higher pre-bell.

Eni (E) is considering spinning off stakes in its Indonesia and Ivory Coast oil and gas projects to focus on cleaner energy activities, Reuters reported, citing sources at the Italian energy company. Eni was up 0.6% premarket.