09:08 AM EDT, 05/13/2024 (MT Newswires) -- Energy stocks were advancing premarket Monday, with the Energy Select Sector SPDR Fund (XLE) 0.3% higher recently.

The United States Oil Fund (USO) was 0.7% higher, and the United States Natural Gas Fund (UNG) was up 0.8%.

Front-month US West Texas Intermediate crude oil was up 0.7% at $78.84 per barrel at the New York Mercantile Exchange. Global benchmark Brent gained 0.6% to $83.29 per barrel, and natural-gas futures were up 0.4% at $2.26 per 1 million BTU.

Chevron's ( CVX ) proposed $53 billion acquisition of Hess (HES) would give big oil firms more leverage to increase gas prices, and "the [Federal Trade Commission] should side with consumers and pump the breaks on this deal," US Senate Majority Leader Chuck Schumer said late Sunday in a post on X. Chevron ( CVX ) was marginally higher pre-bell.