09:22 AM EDT, 05/23/2024 (MT Newswires) -- Energy stocks were advancing premarket Thursday with the Energy Select Sector SPDR Fund ( XLE ) up 0.4% recently.

The United States Oil Fund ( USO ) was 1.5% higher and the United States Natural Gas Fund ( UNG ) was up 3.4%.

Front-month US West Texas Intermediate crude oil was up 1.1% at $78.45 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 1% to $82.74 per barrel, and natural gas futures were up 1% at $2.87 per 1 million British Thermal Units.

Borr Drilling ( BORR ) rose by over 10% after reporting that it swung to a Q1 income as revenue increased during the period.

Eni (E) is considering selling a 20% stake in its Enilive biorefining unit following interest expressed by potential buyers, Bloomberg News reported, citing unnamed people familiar with the matter. Eni was up nearly 2% pre-bell.

Flex LNG ( FLNG ) advanced by more than 2% after it reported Q1 adjusted net income of $0.70 per diluted share, up from $0.65 a year earlier.