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Energy Up as Oil-Rig Tally Hits 2-Year Low -- Energy Roundup

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09/13/2019 | 04:36pm EDT

Shares of energy companies rose after the latest report of dwindling production activity.

The number of oil rigs drilling for oil in the U.S. fell by five to 733 in the past week, the fourth straight decline, bringing the count to the lowest level since 2017, according to a tally from oil-services company Baker Hughes, a GE company.

Oil futures fell on the week as fears about excess supply lingered in the wake of an Organization of the Petroleum Exporting Countries meeting. "Fears of an expanding supply glut are gaining momentum amid continued uncertainty around U.S.-China trade policy, Brexit, and U.S. sanctions on Iranian oil exports," said Robbie Fraser, senior commodity analyst at Schneider Electric, as reported earlier.

Natural gas futures rose 1.6% to the highest closing price since May 29, as hot summer weather persisted in southern states.

Write to Rob Curran at rob.curran@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
BAKER HUGHES 0.67% 22.48 Delayed Quote.3.40%
EURO / BRITISH POUND (EUR/GBP) -1.19% 0.86512 Delayed Quote.-2.80%
GENERAL ELECTRIC COMPANY 2.05% 8.895 Delayed Quote.15.19%
LONDON BRENT OIL 0.24% 59.3 Delayed Quote.12.04%
SCHNEIDER ELECTRIC SE 1.29% 81.36 Real-time Quote.34.49%
WTI -0.13% 53.45 Delayed Quote.20.66%
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