Energy Up as Oil, Natural Gas Gain — Energy Roundup
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Dow Jones
Shares of energy companies rose as oil futures tested the $80 per barrel level and natural-gas futures surged following an unexpected storm in Houston.
The city was buffeted by hurricane-strength winds, killing four people, knocking out power, and raising concerns about regional natural-gas supplies. Natural gas futures rose by 5% in the wake of the storm, and ahead of air-conditioning demand.
The SPDR Select Sector Energy exchange-traded fund, which tracks the energy industry group of the S&P 500, tested all-time highs amid consolidation activity.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
May 17, 2024 17:50 ET (21:50 GMT)
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