Shares of energy companies fell as traders rotated out of the 2022 market leading sector into previous leaders such as technology.
Chevron shares fell sharply even after the second largest U.S. oil company by sales logged its most profitable year since 2014. Chevron reported Friday that it earned $15.6 billion in net income in 2021, a dramatic turnaround from a $5.5 billion loss a year earlier, as oil and natural-gas futures rebounded.
Wild swings in natural-gas futures continued, as a Nor'easter storm bore down on the Boston and New York areas, and stockpiles continued to shrink. Gas futures rose 8.3% to $4.64 a million British thermal units.
Oil futures ticked up to close Friday at $86.82 a barrel, gaining 2% for the week, and racking up their sixth straight week of gains.
Oil-and-gas markets were also supported by a statement from Russian President Vladimir Putin, who said the U.S. and NATO had ignored his demands to hold off from any moves that he says would threaten Russian security.
The number of active, oil-targeted drilling rigs in the U.S. rose by four in the latest week to a 21-month-high of 495, according to oilfield-service company Baker Hughes.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-28-22 1637ET
