Energy stocks were climbing premarket Tuesday with the Energy Select Sector SPDR (XLE) recently advancing by nearly 2%. The United States Oil Fund (USO) was up nearly 2% and the United States Natural Gas Fund (UNG) was more than 2% lower.
West Texas Intermediate crude oil was up by 1.71% at $78.02 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude gained 1.65% to $85.45 per barrel and natural gas futures were 0.58% lower at $6.86 per 1 million BTU.
BP (BP) and Hertz Global Holdings (HTZ) said they have signed a memorandum of understanding to expand a network of charging stations for electric vehicles. BP was up by nearly 3% recently.
CNX Resources (CNX) said it has closed a $500 million private placement of 7.375% senior notes due 2031. CNX Resources was recently inactive.