Energy Stocks Fall With Oil Prices — Energy Roundup
Energy stocks fell as oil prices continued to pull back from the 2024 highs set last week.
The front-month Nymex crude contract fell 1.4% to $85.23 a barrel.
The Energy Information Administration raised its estimate for average Brent crude oil prices this year to $89 a barrel from $87 previously, which it says "reflects our expectation of strong global oil inventory draws during this quarter and ongoing geopolitical risks." The Brent contract for June delivery settled at $89.42 a barrel on Tuesday.
U.S. crude oil inventories likely increased last week, while gasoline and distillates stocks are expected to have fallen, according to a survey by The Wall Street Journal.
Analysts forecast that ethanol inventories reported by the EIA on Wednesday may move closer to record highs set during the Covid-19 pandemic.
British energy giant BP expects higher oil and gas production to boost its first-quarter profit.
Write to Patrick Sullivan at patrick.sullivan@wsj.com
(END) Dow Jones Newswires
April 09, 2024 16:56 ET (20:56 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing