Energy stocks were rising pre-bell Friday, with The Energy Select Sector SPDR Fund (XLE) up 1.4%.

The United States Oil Fund (USO) was up 4.6% and the United States Natural Gas Fund (UNG) was 6.7% higher.

Front-month US West Texas Intermediate crude oil was 4.1% higher at $76.97 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3.9% to $79.88 per barrel, and natural gas futures were up 6.1% at $3.93 per 1 million British Thermal Units.

Constellation Energy (CEG) shares were up past 14% after the company said it has agreed to acquire Calpine in a cash and stock transaction valued at about $16.40 billion.

Kinder Morgan (KMI) temporarily shut down its SFPP West and CALNEV fuel pipelines in Los Angeles on Jan. 8 due to power outages caused by the wildfires, Reuters reported, citing the pipeline operator. Kinder Morgan shares were up 0.5% pre-bell.