Shares of energy companies fell amid worries about demand for international travel and the impact of Hurricane Ida.
The European Union has recommended member states introduce new restrictions on travel to the U.S., reflecting American Covid outbreaks and tensions between the two powers over U.S. restrictions on European tourism.
Gasoline futures rose sharply a day after Hurricane Ida made landfall in Louisiana, shutting down Gulf Coast refineries and knocking out the bulk of the region's offshore oil and natural-gas production. Companies including Valero Energy, Phillips 66 and Royal Dutch Shell shut roughly 5% of the nation's refining capacity ahead of the storm, while Colonial Pipeline, operator of the largest U.S. fuel pipeline, closed two lines that carry fuel from Houston to Greensboro, N.C. Exxon Mobil shut some units at its chemicals and refining complex in Baton Rouge, La.
Natural gas futures initially tumbled due to concerns that power outages throughout Louisiana would crimp demand. Oil futures settled near the psychologically significant $70 per barrel level, rising for the fifth time in six sessions.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-30-21 1632ET
