Oil ends lower as Europe lockdowns feed demand concerns, but prices nearly erase losses as weekly U.S. supplies drop
Oil futures settle lower Thursday as rising COVID-19 infections lead to renewed restrictions on movement in several European countries, raising concerns over a further slowdown in energy demand. Prices, however, nearly erase their loss for the session after U.S. government data showed a better-than-expected weekly decline in domestic crude supplies.
U.S. Oil and Fuel Inventories Fall Sharply
U.S. inventories of crude oil fell more than expected, while gasoline and diesel inventories also declined sharply, according to data released Thursday by the Energy Information Administration.
CFTC Votes to Pass Final Rule on Position Limits
The move affects the size of speculators’ bets in markets for commodities including gold, cattle and crude oil.
Natural Gas Ends Sharply Higher on Storage Data
Natural gas prices ended the session 5.3% higher at $2.7750/mmBtu after a weekly EIA storage report proved to be even more bullish than analysts were expecting.
Nigeria's Army Says It Is Ready to Step In to Quell Protests
The military in West Africa’s biggest oil-producing nation said it was prepared to act decisively to help the government maintain law and order, after eight days of demonstrations against police brutality.
Coal Finds a Surprising 2020 Bright Spot in Europe
Power plants started to burn more thermal coal over the summer and fall, responding to a steep rise in the price of natural gas.
Divestment Campaigns Move Beyond Oil
The campaign to divest fossil-fuel stocks has picked up speed in recent years and hit investors where it hurts. The next targets aren’t so easy to identify.
Energy & Utilities Roundup: Market Talk
The latest Market Talks covering Energy and Utilities
Bribery Probe Into a Nuclear Plant Bailout Examines Facilities' Owner
A criminal investigation into an alleged bribe to secure a bailout of troubled nuclear plants in Ohio is looking at the energy company that prosecutors say supplied some of the money and now owns the facilities.
Oil Recovery Expected to Falter Though Supply Glut Shrinks
The world is burning through the oil supply glut that threatened to cripple the energy industry a few months ago, but spiraling coronavirus infection numbers are putting the recovery in jeopardy, the IEA said.
(END) Dow Jones Newswires