09:28 AM EST, 03/04/2024 (MT Newswires) -- Energy stocks were gaining premarket Monday, with the Energy Select Sector SPDR Fund ( XLE ) up 0.1%.

The United States Oil Fund ( USO ) was 0.3% higher and the United States Natural Gas Fund ( UNG ) was up 7%.

Front-month US West Texas Intermediate crude oil was up 0.2% at $80.13 per barrel at the New York Mercantile Exchange. Global benchmark North Sea crude oil gained 0.3% to reach $83.78 per barrel, and natural gas futures were 6.5% higher at $1.96 per 1 million British Thermal Units.

EQT (EQT) was over 2% higher after saying it reduced its gross production by about 1 billion cubic feet per day starting in late February due to the low natural gas price environment amid warm winter weather and higher storage inventories.

Diamond Offshore Drilling ( DO ) said it secured a two-year extension worth roughly $350 million of an existing contract with a BP (BP) subsidiary in the US Gulf of Mexico for the drillship rig Ocean BlackHornet. BP was up more than 1% in recent Monday premarket activity.