Energy Shares Slip Even as Oil Prices Move Higher -- Energy Roundup

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06/13/2018 | 11:42 pm


Shares of energy companies fell along with the broader market even as oil prices bounced up on strong U.S. demand that ate into crude and fuel inventories. The Energy Information Administration said Wednesday morning that crude oil inventories fell by a larger-than-expected 4.1 million barrels to 432.4 million barrels. Analysts and traders surveyed by The Wall Street Journal had forecast a drop of 1.6 million. Gasoline and distillate stocks also fell, surprising traders looking for increases. "Everywhere you look, demand is strong. Gasoline demand is strong, refinery demand is strong," said Phil Flynn, a senior analyst at the Price Futures Group. "That's supporting prices." The International Energy Agency said Wednesday it expected the world's appetite for oil to remain robust throughout 2019. In its monthly report, the agency predicted global oil demand would grow by 1.4 million barrels a day in 2019, on par with this year. However, the IEA also said it expects non-OPEC oil production to continue to surge, largely driven by the U.S. Non-OPEC supply growth should slow only slightly in 2019, to 1.7 million barrels a day, compared with 2 million barrels a day this year. In corporate news, Victor Li, the new chairman of Hong Kong's CK Infrastructure Holdings, moved to expand the empire built by his billionaire father, Li Ka-shing, by offering more than $9 billion for Australian pipeline operator APA Group. (amy.pessetto@wsj.com)






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