Energy stocks were rallying premarket Tuesday as the Energy Select Sector SPDR (XLE) was recently advancing by over 2%. The United States Oil Fund (USO) was 0.8% higher and the United States Natural Gas Fund (UNG) was up more than 5%. West Texas Intermediate crude oil was up $0.36 at $59.83 per barrel at the New York Mercantile Exchange. The global benchmark Brent crude lost $0.23 to $63.10 per barrel and natural gas futures were $0.272 higher at $3.184 per 1 million British Thermal Units.
Equinor (EQNR) was advancing by more than 1% after saying the Norwegian Oil and Gas Association and the Norwegian Union of Energy Workers have agreed on a wage deal, preventing a strike at its Mongstad facility.
Nextier Oilfield Solutions (NEX) was up 0.76% even after it reported a Q4 adjusted net loss of $0.30 per share, compared with a loss of $0.09 a year earlier.
USA Compression Partners (USAC) reported a Q4 net loss of $0.14 per diluted share, compared with a loss of $0.03 a year ago. The consensus of analysts polled by Capital IQ expected losses of $0.10 per share. USA Compression Partners was down 0.5% in recent premarket activity.