Energy Up As Oil Rebounds, Natural Gas Slumps Further -- Energy Roundup

Shares of energy companies rose as energy commodities finished mixed.

Oil futures rose by 4.9% to close at $69.49. Saudi Arabia's decision to raise prices for exports to Europe and Asia bolstered hopes that the Omicron variant would be a less severe, if more contagious, version of Covid-19.

Natural gas futures plunged almost 12% to $3.66-per-million British thermal units, as weather forecasts suggested unseasonably mild weather is set to continue in much of the U.S. in the coming weeks.

Saudi Aramco agreed to sell a 49% stake in its natural gas pipeline business to a consortium led by BlackRock and Saudi-backed Hassana Investment for $15.5 billion.

Speaking at the World Petroleum Congress in Houston, the chief executive of Halliburton said underinvestment in oil and gas over the past seven years is setting up a new era of scarcity in global energy markets.

Exxon Mobil executives said they will achieve net zero greenhouse gas emissions from operations in the Permian Basin by 2030.

 Write to Rob Curran at [e-mail] 

(END) Dow Jones Newswires

12-06-21 1709ET