Shares of energy companies rose as traders bet commodity prices were set to continue rising in light of a natural-gas shortage in Europe.
Oil futures added to recent gains to close at a fresh seven-year high above $81 a barrel. Soaring natural-gas and coal prices are pressuring power-generation companies and manufacturers to switch to using oil, a trend that could add half a million barrels a day to global demand, the International Energy Agency warned.
Natural-gas futures added to recent gains as concerns about a supply crunch in Europe lingered. There's "an ongoing mini energy crisis with negative implications for inflation -- and possibly turning into stagflation," said Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund, in a note to clients.
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(END) Dow Jones Newswires
October 14, 2021 16:23 ET (20:23 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.