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Sector Update: Energy Stocks Advance Pre-Bell Wednesday

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Energy stocks were advancing pre-bell Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) up 1.7%.

The United States Oil Fund (USO) was up 2.4% and the United States Natural Gas Fund (UNG) was 0.9% higher.

Front-month US West Texas Intermediate crude oil was 4.8% higher at $73.81 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 5.1% to $77.91 per barrel, and natural gas futures were up 1.2% at $3.30 per 1 million British Thermal Units.

Exxon Mobil (XOM) stock was up more than 1% after the company said in a filing that changes in oil prices could raise its Q2 upstream earnings by $3.5 billion to $3.9 billion, while changes in gas prices could either result in a $200 million loss or a similar gain.

Petrobras (PBR) has signed a settlement agreement with Brazil's oil regulator ANP to bring 335 offshore wells into compliance with well integrity regulations by Dec. 31, 2030, according to a translation of a statement from the regulator. Shares of Petrobras were up more than 2% pre-bell.

Baker Hughes (BKR) will provide power generation solutions to support Kodiak Gas Services' (KGS) expanding energy infrastructure initiatives under a new multi-year agreement, the companies said. Baker Hughes stock was up more than 1% premarket.

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