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Sector Update: Energy Stocks Advance Premarket Tuesday

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Energy stocks were advancing premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.1% higher.

The United States Oil Fund (USO) was up 0.6% and the United States Natural Gas Fund (UNG) was 2.4% higher.

Front-month US West Texas Intermediate crude oil was 0.9% higher at $71.36 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.4% to $73.42 per barrel, and natural gas futures were up 3.2% at $3.28 per 1 million British Thermal Units.

Shell (SHEL) is close to a deal to sell over 600 retail fuel outlets in South Africa to Abu Dhabi National Oil's retail arm for a deal valued at around $1 billion, Bloomberg reported, citing people familiar with the matter. Shell stock was 0.1% higher pre-bell.

BP (BP) and Eni's (E) joint venture, Azule Energy, has awarded Vallourec a contract for the Greater PAJ offshore development project in Angola, Vallourec said. BP shares were 0.3% higher and Eni stock was up 0.4% premarket.

Equinor (EQNR) and Var Energi have agreed to exchange natural gas assets on the Norwegian continental shelf, Equinor said. Shares of Equinor were up more than 1% premarket.

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