Oil ends higher after big drop in U.S. crude, gasoline inventories

Oil futures end higher Thursday, after government data showed a large drop in U.S. crude and gasoline inventories, but uncertainty around global supplies continued to limit upside amid a dispute between OPEC heavyweights over production plans. 


 
U.S. Crude-Oil, Gasoline Inventories Decline More Than Expected

U.S. inventories of crude oil and gasoline fell more than analysts were expecting as summer demand picked up, according to weekly data released Thursday by the Energy Information Administration. 


 
Global Wind, Solar Capacity Rose at Sharpest Pace Ever Last Year, BP Says

Growth in renewables saw global solar-power capacity rise around 22%, while wind-power capacity rose around 18% compared with the previous year, BP said in its annual review of global energy markets. 


 
Why Rising Oil Prices Are Unlikely to Kill the Economic Recovery

The recent rise in oil prices has been mostly driven by increased demand rather than supply problems, a situation that economists say normally indicates resilient growth. 


 
Natural Gas Ends Sharply Higher on Storage Data

Natural gas prices close the session 2.6% higher at $3.688/mmBtu due to a weekly EIA storage report that was even more bullish than analysts were expecting. 


 
Energy & Utilities Roundup: Market Talk

The latest Market Talks covering Energy and Utilities 


 
Higher Oil Prices Can Only Help Shell So Much

Supermajors have traditionally used their heft to ride out price volatility, paying steady dividends through the cycle on the secure assumption of rising demand over the long run. As the world transitions to cleaner energy sources, that growth is no longer a certainty, giving the likes of Shell a much more challenging balancing act. 


 
Behind OPEC Deadlock, U.A.E. Looks to Non-Oil Future

One of the Mideast's biggest petrostates wants to pump more, now, so it can invest in diversification before oil demand diminishes. 


 
EDF Upgrades Earnings Target on Higher Output

France's EDF raised its underlying earnings target for the year to more than EUR17.7 billion after the state-backed utility forecast higher domestic nuclear output estimates. 


 
Oil Companies Ordered to Help Cover a $7.2 Billion Cleanup Bill

Following a bankruptcy case, large oil producers will have to foot some of the costs of capping and abandoning Gulf of Mexico wells they used to own.

(END) Dow Jones Newswires

07-09-21 0015ET