Shares of energy companies fell alongside oil futures after reports of mounting U.S. stockpiles.

The American Petroleum Institute estimated U.S. crude supplies for last week climbed by a staggering 11.9 million barrels, The Wall Street Journal reported.

Days after an Oct. 17 deal to lift sanctions was struck, a private oil company owned by a Qatari magnate, Ghanim Bin Saad, signed a preliminary agreement to restart an oil refinery and terminal on the Dutch Caribbean island of Curaçao, off Venezuela's coast. Qatar was one of the brokers of the compromise between the U.S. and Venezuela.

Shares of New Fortress Energy rose after the operator of liquefied natural-gas terminals posted third-quarter earnings ahead of Wall Street targets.

Write to Rob Curran at

(END) Dow Jones Newswires

11-08-23 1714ET