09:28 AM EDT, 10/07/2024 (MT Newswires) -- Energy stocks were advancing premarket Monday as the Energy Select Sector SPDR Fund ( XLE ) was 0.5% higher recently.

The United States Oil Fund ( USO ) was up 1.4% and the United States Natural Gas Fund ( UNG ) was 1.4% lower.

Front-month US West Texas Intermediate crude oil was up 1.5% at $75.50 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 1.4% to $79.12 per barrel. Natural gas futures were down 1.3% at $2.818 per 1 million British Thermal Units.

Equinor ( EQNR ) said it has acquired 41.2 million shares or a 9.8% stake worth $2.5 billion in Orsted, making it the second largest investor in the offshore wind energy company after the Danish state. Equinor ( EQNR ) shares fell past 4% premarket.

Chevron's ( CVX ) Canadian unit said that it and a related affiliate signed an agreement with Canadian Natural Resources ( CNQ ) for the sale of their 20% non-operated ownership in the Athabasca Oil Sands project, 70% operated ownership in the Duvernay shale and related interests, in Alberta, for $6.5 billion in cash. Separately, Canadian Natural Resources ( CNQ ) raised its dividend by 7% to CA$0.5625 per share, payable Jan. 3 to holders as of Dec. 1. Shares of Canadian Natural Resources ( CNQ ) were up over 1%.

TotalEnergies (TTE) shares were up 0.7% after the company said it has agreed to acquire a 50% stake in two offshore wind projects in the North Sea from RWE.