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Energy Up As Oil Closes At 7-Year High -- Energy Roundup

10/15/2021 | 04:19pm EST

Shares of energy companies rose as a rally in oil prices continued.

Oil futures closed above $82 a barrel at a new seven-year high as a natural-gas supply crunch in Europe and optimism about demand in the U.S. kept the recent rally going. Analysts said natural-gas shortages in Europe had forced power plants there to substitute crude oil for gas feedstocks, a measure to which plants had not resorted for a decade or more.

The number of rigs drilling for oil in the U.S. climbed by 12 in the latest week to 445, according to oil-field services company Baker Hughes. Natural-gas futures fell 4.9% to $5.41 a million British thermal units, giving back some recent gains after Thursday data showed a surprisingly large buildup of U.S. inventories.

 Write to Rob Curran at rob.curran@dowjones.com 

(END) Dow Jones Newswires

10-15-21 1618ET

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