Energy stocks advanced premarket Wednesday with the Energy Select Sector SPDR Fund (XLE) 0.6% higher recently.

The United States Oil Fund (USO) was up 0.7% and the United States Natural Gas Fund (UNG) was 1.7% lower.

Front-month US West Texas Intermediate crude oil was up 1.1% at $61.42 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 1.1% to $65.39 per barrel. Natural gas futures were 1.9% lower at $3.265 per 1 million British Thermal Units.

An Exxon Mobil (XOM)-led consortium will start installing its fourth floating production storage and offloading facility in Guyana after the vessel arrived in the country's waters this week, multiple news outlets reported. Shares of Exxon Mobil were 0.05% higher premarket.

Valero Energy (VLO) said its Valero Refining subsidiary has submitted notice to the California Energy Commission of its current plan to idle, restructure, or cease refining operations at Valero's Benicia Refinery by the end of April 2026. Shares of Valero Energy were up 0.7% pre-bell.

BW LPG (BWLP) shares declined by 0.5% after the company said it purchased 316,437 of its ordinary shares from April 8 to 11 at an average price of $8.63 apiece.