Shares of energy companies rose alongside oil futures.
Oil futures added 2.1% to $82.72 a barrel, an almost five-month high, after reports that Ukrainian drone attacks were curbing Russian production.
The CERAWeek conference hosted by S&P Global in Houston is shaping up to be the energy equivalent of the Davos think tank, said one strategist. "It's a who's who of energy players from business to government to academia, and even a 'His Excellency' or two," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. Speakers at CERAWeek include Energy Secretary Jennifer Granholm, billionaire Bill Gates and Kuwait Sheikh Nawaf Al-Sabah.
Some investment firms backing oil-and-gas producers cashed in on rising consolidation in the U.S. shale industry last year, selling assets for an expected $30.55 billion and fueling distributions to investors.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-18-24 1751ET
