Energy stocks were advancing premarket Monday, with The Energy Select Sector SPDR Fund (XLE) 0.3% higher.

The United States Oil Fund (USO) was up 0.4% and the United States Natural Gas Fund (UNG) was 5.3% lower.

Front-month US West Texas Intermediate crude oil was down 0.1% at $70.31 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil marginally declined to $74.40 per barrel, and natural gas futures were 6.8% lower at $3.95 per 1 million British Thermal Units.

Kosmos Energy (KOS) shares were up past 3% even after the company reported that it swung to a Q4 adjusted net loss as revenue declined during the period.

Sasol (SSL) stock was over 3% higher even after the company posted lower H1 headline earnings and revenue.

BP (BP) will scrap its renewable generation capacity growth target as it returns its focus on fossil fuels in a bid to drive earnings, Reuters reported, citing two unnamed sources familiar with the matter. BP shares were marginally higher pre-bell.