Energy stocks were rising premarket Monday, with The Energy Select Sector SPDR Fund (XLE) up 0.8%.

The United States Oil Fund (USO) was up 1.2% and the United States Natural Gas Fund (UNG) was 2.5% higher.

Front-month US West Texas Intermediate crude oil was up 1.2% at $71.84 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 1.1% to reach $75.49 per barrel, and natural gas futures were 2.5% higher at $3.39 per 1 million British Thermal Units.

Elliott Investment Management has amassed a stake in BP (BP), Bloomberg News and Reuters reported, citing unnamed sources familiar with the matter. BP shares were over 6% higher pre-bell.

Energy Transfer (ET) shares were up more than 3% after the company said it has signed a long-term agreement with Denver-based CloudBurst Data Centers to supply natural gas to their AI-focused data center in Central Texas.

Kosmos Energy (KOS) shares were nearly 3% higher after the company said it has achieved first liquified natural gas production at the BP-operated Greater Tortue Ahmeyim LNG project, offshore Mauritania and Senegal.