09:26 AM EDT, 06/27/2024 (MT Newswires) -- Energy stocks were edging higher pre-bell Thursday with the Energy Select Sector SPDR Fund ( XLE ) recently advancing by 0.4%.

The United States Oil Fund ( USO ) was up 1.0% and the United States Natural Gas Fund ( UNG ) was 0.9% lower.

Front-month US West Texas Intermediate crude oil was up 1.3% at $81.91 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 1.2% to $85.46 per barrel. Natural gas futures were down 0.7% at $2.727 per 1 million British Thermal Units.

SM Energy ( SM ) was 6% lower after saying it agreed to acquire the Uinta Basin oil and gas assets of XCL Resources, which is backed by EnCap Investments and Rice Investment Group, for $2.55 billion.

BP (BP) Chief Executive Murray Auchincloss has implemented a hiring freeze and halted new offshore wind projects, shifting focus back to oil and gas amid investor concerns about the company's energy transition strategy, Reuters reported, citing unnamed sources at the company. BP was up more than 1% premarket.

Pembina Pipeline ( PBA ) said it has agreed to issue $950 million of senior unsecured medium-term notes. Pembina Pipeline ( PBA ) was up 0.5% pre-bell.