Energy Down As Brent Oil Trades At 7-Year High -- Energy Roundup

Shares of energy companies fell, but not by as much as the broad market, as investors migrated to a sector thought to gain from inflation pressures and geopolitical instability.

Globally tracked Brent oil futures tested the $90 per barrel level for the first time in seven years, closing above $88 per barrel, at their highest level since October 2014.

"Oil markets are set to remain tight. Slower OPEC+ production growth, lower spare capacity, and higher deferred prices lead to increased price forecasts," said strategists at brokerage BNP Paribas, in a note to clients.

Carbon-capture and storage technologies are picking up steam worldwide and could play a significant role throughout the energy transition, said John Kerry, U.S. Special Presidential Envoy for Climate. Mr. Kerry said natural gas had a role to play as a "bridge" to cleaner energy, but that the U.S. would not support extensive gas infrastructure building unless it was accompanied by advances in carbon capture.

Natural gas futures slipped below $4 per million British thermal units, as weather forecasts showed slightly warmer temperatures in the coming week for most regions of the U.S.

 Write to Rob Curran at [e-mail] 

(END) Dow Jones Newswires

01-19-22 1625ET