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Sector Update: Energy

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-- Energy stocks were higher premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) gaining 1.4%.

The United States Oil Fund (USO) rose 3.3%, while the United States Natural Gas Fund (UNG) was 1% higher.

Front-month US West Texas Intermediate crude oil was up 3.5% to $99.66 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 2.4% to $104.20 per barrel, and natural gas futures were 0.6% lower at $2.71 per 1 million British Thermal Units.

BP (BP) stock was more than 2% higher before the opening bell after the company reported higher Q1 underlying replacement cost profit and sales.

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