Shares of energy companies rallied alongside oil and natural-gas futures as fears receded about the Delta variant for global economic growth.
New York traded oil futures rose 4.6% to $70.20 a barrel, almost recouping the balance of Monday's huge decline. Monday's plunge in crude-oil prices and the ensuing volatility may have presented some exploration and production firms an opportunity to reap the benefits of hedging, which allows them to lock in prices at predetermined levels, according to credit-ratings agency Fitch Ratings.
A rally in natural-gas futures continued, with futures for the domestic energy source closing at another roughly three-year high ahead of storage data.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-21-21 1626ET
