Shares of energy companies fell as signs of progress on an Iranian nuclear deal offset the threat to supply from Russian aggression in Ukraine.
Three of the largest shale fracking companies, Pioneer Natural Resources, Devon Energy and Continental Resources, this week reported their highest annual profits in more than a decade for 2021. Still, the frackers have resisted calls to increase production as they court investors by returning cash in the form of dividends and buybacks.
Natural gas futures rose 12% for the week, erasing most of their plunge a week earlier after storage data and weather forecasts suggested supplies are likely to remain well below historical levels throughout the winter and early spring.
Oil futures slipped this week after eight straight weekly gains, but remain close to $100-a-barrel amid fears that a Russian invasion would limit supplies.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-18-22 1621ET
