Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Energy Shares Fall Even as Oil Ekes Out a Small Gain -- Energy Roundup

06/16/2021 | 04:52pm EDT

Energy shares fell even as crude prices extended their gains as traders position for higher demand stemming from the global economic recovery and summertime travel.

U.S. benchmark oil prices finished a touch higher, but that was still enough for a fresh, 32-month high. Buying of the commodity came mostly after the EIA reported a bullish, 7.4-million-barrel, weekly drop in U.S. oil inventories. But that price-supportive sentiment was countered later in the session due to risk aversion after the Federal Reserve signaled it expects to raise interest rates by late 2023.

Markets were also caught off-guard by a rare increase in U.S. oil production to 11.2 million barrels a day, which is the highest output in 13 months. Natural gas prices declined for a second straight session after hitting a seven-month high Monday.

A federal judge in Louisiana issued a preliminary injunction blocking the Biden administration from pausing new oil and gas leases on federal land. Judge Terry A. Doughty of the U.S. District Court in Monroe said the administration doesn't have the legal right to stop leasing federal territory for oil-and-gas production without approval from Congress.

 Write to Amy Pessetto at amy.pessetto@dowjones.com 

(END) Dow Jones Newswires

06-16-21 1652ET

Latest news "Economy & Forex"
11:11aU.S. factory orders beat expectations in June; business spending on equipment solid
RE
11:11aU.S. demand for household debt rose in Q2, New York Fed report shows
RE
11:08aBoeing postpones key test flight to space
RE
11:05aFed's Daly says labor market not tight, jobs recovery underway
RE
10:55aChina's Tencent woes hit European and U.S. gaming stocks
RE
10:53aMARKETS AND MARKETS : Shape Memory Alloys Market worth $18.8 billion by 2026
PU
10:52aMarkets mixed as Wall Street waits on corporate, economic data
RE
10:48aVERSA NETWORKS : Earns Black Unicorn Award for 2021
BU
10:45aDollar languishes, other safe haven currencies shine amid Delta caution
RE
10:41aCARLOS TAVARES : Stellantis lifts margin goal as Tavares' turnaround kicks in
RE
Latest news "Economy & Forex"