Energy stocks were advancing premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) rising 1.6%.

The United States Oil Fund (USO) was up 3.2% and the United States Natural Gas Fund (UNG) was 1.5% higher.

Front-month US West Texas Intermediate crude oil was 4.5% higher at $104.59 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 4.5% to $109.30 per barrel, and natural gas futures were up 1.5% at $2.87 per 1 million British Thermal Units.

Venture Global (VG) and China Gas have executed a new agreement for the purchase of 500,000 tonnes per annum of US liquefied natural gas for 20 years, beginning in 2030, the companies said. Shares of Venture Global were up more than 2% premarket.