Energy Shares Nearly Flat as Oil Prices Rise -- Energy Roundup

Energy shares were nearly flat, beating the broader market as oil futures rose.

The U.S. benchmark posted its highest finish since late November after government data revealed a sixth consecutive weekly decline in domestic crude supplies, along with a dramatic increase in gasoline inventories.

Crude-oil stockpiles declined by 2.1 million barrels to 417.9 million barrels, and are now about 8% below the five-year average, the Energy Information Administration said. Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would fall by 3 million barrels from the prior week.

Natural gas prices finished 4.4% higher at the highest closing price in a week as a renewed spike in gas prices in Europe's unsettled energy market injected some risk premium into U.S. prices.

Investors were also encouraged to buy the commodity as weather across most of the Lower 48 is starting to feel like a normal winter after some record-breaking warm temperatures last month in places such as Texas.

Meanwhile, mass protests in Kazakhstan over an increase in fuel prices have prompted the country's authoritarian government to resign and the president to impose a state of emergency in a crisis that threatens to destabilize the oil-rich former Soviet republic.

 Write to Amy Pessetto at [e-mail] 

(END) Dow Jones Newswires

01-05-22 1700ET