Energy stocks were advancing premarket Monday, with The Energy Select Sector SPDR Fund (XLE) 0.7% higher.

The United States Oil Fund (USO) was 1.7% higher and the United States Natural Gas Fund (UNG) was up 2.9%.

Front-month US West Texas Intermediate crude oil was up 1.6% at $68.30 per barrel on the New York /Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 1.4% to reach $72.12 per barrel, and natural gas futures were up 4.3% at $3.21 per 1 million British Thermal Units.

BP (BP) and Japanese power generation company Jera said Monday they are forming Jera Nex bp, a London-based joint venture to integrate their offshore wind businesses. BP shares were up 4.5% pre-bell.

Devon Energy (DVN) stock was 0.9% higher after the company said that Chief Operating Officer Clay Gaspar will succeed Rick Muncrief as chief executive officer on March 1.

Forum Energy Technologies (FET) said Monday its board approved a share buyback plan of up to $75 million, and also completed the sale and leaseback of two Texas-based manufacturing facilities for net proceeds of about $20 million. Forum Energy shares were up 5.2% pre-bell.