Energy stocks were edging higher premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.4%

The United States Oil Fund (USO) was 2.2% higher and The United States Natural Gas Fund (UNG) was up 2.5%.

Front-month US West Texas Intermediate crude oil was 2.4% higher at $115.07 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.8% to $110.43 per barrel, and natural gas futures were up 1.3% at $2.84 per 1 million British Thermal Units.

Phillips 66 (PSX) stock was down 2% after the company said Q1 results are expected to be weighed down by $900 million in mark-to-market losses tied to the surge in commodity prices, according to preliminary data.

Pembina Pipeline (PBA) shares were 0.5% higher after the company said it expects compound annual growth of 5% to 7% in fee-based adjusted EBITDA per share through 2030.

Baker Hughes (BKR) stock was up 0.3% after the company said it has received an order from San Matias Pipeline to supply three NovaLT16 gas turbines equipped with three centrifugal compressors for a natural gas pipeline project in Argentina.