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

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Energy Shares Tumble as Oil Prices Fall Sharply -- Energy Roundup

10/26/2020 | 04:00pm EST

Shares of energy companies led market decliners as oil prices fell sharply after new coronavirus restrictions in Europe and the speedy return of production in Libya threatened to undermine efforts to chip away at a global glut of crude.

Over the weekend, Italy and Spain introduced some of the strictest curbs since the two countries exited their initial lockdowns, including early closures of bars and restaurants and a nighttime curfew. The measures are set to crimp demand for gasoline and other fuels, analysts said, slowing a recovery that had already started to falter.

The resurgence of the coronavirus in the U.S.-which reported more than 60,000 new cases Sunday-also has the potential to squeeze oil consumption.

The return of Libyan crude is also adding pressure to oil prices. Libya's National Oil Corp. said Monday it had instructed the operator of the el-Feel oil field to resume output. That followed Friday's statement that Libyan output would rise to 800,000 barrels a day within two weeks, and a million barrels in four weeks.

Meanwhile, natural gas prices continue to consolidate at levels above $3 as extremely cold temperatures in places such as Colorado and Utah give an immediate and early jolt to winter heating demand.

In corporate news, Canadian oil-sands producer Cenovus Energy and Husky Energy, controlled by Hong Kong billionaire Li Ka Shing, agreed to merge in an all-stock deal valued at 3.8 billion Canadian dollars, equivalent to US$2.9 billion. The deal would create the third-largest oil and natural-gas producer in Canada and the second-largest Canadian refiner.

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

(END) Dow Jones Newswires

10-26-20 1659ET

Stocks mentioned in the article
ChangeLast1st jan.
CENOVUS ENERGY INC. 1.02% 6.96 Delayed Quote.-47.27%
HUSKY ENERGY INC. 0.88% 5.71 Delayed Quote.-45.20%
LONDON BRENT OIL 1.13% 48.24 Delayed Quote.-27.73%
WTI 1.29% 45.54 Delayed Quote.-26.73%
Latest news "Economy & Forex"
11:36aIndian govt invites protesting farmers for talks on Thursday
RE
10:35aFire breaks out at Oppo India factory, no casualties - police
RE
10:06aUK regulator set to approve COVID-19 vaccine next week - FT
RE
09:04aBoE's Haldane sees inflation risks as economies bounce back
RE
09:02aBoE's Haldane sees inflation risks as economies bounce back
RE
08:31aANDY HALDANE : UCL Economics Conference 2020 “Central Bank independence” (to be published at 13:30)
PU
07:55aLUIS DE GUINDOS : Interview with Helsingin Sanomat
PU
07:55aYVES MERSCH : Interview with Le Monde
PU
07:51aBrexit negotiations restart in person as clock ticks down
RE
07:13aThai protesters move to Bangkok suburbs
RE
Latest news "Economy & Forex"