Energy stocks rise as oil prices continue to climb – Energy Roundup
Energy stocks led the market winners as oil prices continued to rise.
Oil futures gained about 5% for the week as US prices hit highs above $ 80 a barrel for the first time in nearly seven years.
As data at the start of the week indicated an increase in crude inventories in the United States, the brief period of oil decline was halted by the Energy Department on Thursday, saying it did not have the intention to tap the strategic oil reserve to ease tightening energy markets and rising fuel prices.
The number of active platforms targeting oil in the United States increased by five last week to an 18-month high at 433, oil services company Baker Hughes said. The number of drilling rigs, a gauge of oilfield activity, has now risen for nine of the past 10 weeks and suggests that U.S. oil production may continue to rise in the weeks and months to come. , because rising oil prices prompt producers to pump more crude.
Meanwhile, natural gas prices edged up on Friday after a week of wild trading that saw some of the biggest one-day moves, both up and down, in years. The market closed Tuesday at a 13-year high of $ 6.312, but has since fallen significantly, amid fears of US contagion from a European energy crisis easing.
Write to Amy Pessetto at [email protected]
(END) Dow Jones Newswires
10-08-21 1650 ET