Energy Down as IEA Cuts Demand View -- Energy Roundup

Shares of energy companies ticked down as traders hedged their bets on the outlook for oil demand.

The International Energy Agency cut its forecast for oil-demand growth this year as subdued industrial activity and mild winter temperatures reduced gasoil consumption across some of the world's largest economies, particularly in Europe. U.S. crude oil stocks fell 2.5 million barrels last week, according to the U.S. Energy Information Administration.

Latin America's biggest oil producer, Brazil's Petrobras, said Chief Executive Jean Paul Prates stepped down, the fifth head of the company to be fired or quit in three years.

Natural-gas futures recovered as traders focused on forecasts of warmer weather that could boost demand for cooling.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

05-15-24 1741ET