Energy stocks were advancing premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) up 0.8%.

The United States Oil Fund (USO) was 8% higher and the United States Natural Gas Fund (UNG) was up 6.4%.

Front-month US West Texas Intermediate crude oil was up 8.7% at $77.43 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 8.2% to $84.12 per barrel, and natural gas futures were 7.2% higher at $3.17 per 1 million British Thermal Units.

Shell (SHEL)'s request to overturn an arbitration ruling that favored Venture Global (VG) in a dispute over alleged improper sales of liquefied natural gas has been rejected by a New York state judge, Reuters reported. Shell shares were down 2% while Venture Global stock was up more than 16% pre-bell.

TotalEnergies (TTE) shares were down nearly 2% after the company said it agreed to sell a 50% stake in its portfolio of 11 battery storage projects currently under construction in Germany to Allianz Global Investors.

Equinor (EQNR) said it has completed its investigation into a well control incident on the Deepsea Bollsta at the Troll field. Equinor shares were 1.2% lower premarket.