Energy Shares Rise as Oil Prices Finish Higher -- Energy Roundup

06/10/2021 | 04:43pm

Energy shares rose as U.S. benchmark oil prices finished higher.

Fueling the price increases were an OPEC report in which the producers group reiterated its expectations for oil demand recovery to accelerate, as well as a report showing U.S. inflation jumped 5% year-over-year in May, the most since 2008. Oil prices temporarily dipped mid-session on reports suggesting the U.S. may soon lift some of Iran's oil sanctions. The reports were later walked back somewhat, but gave investors a reminder that the Iran issue is important for crude prices.

Natural gas prices finished higher for a third straight session. Hot weather in Texas and other central and southern states is giving a strong boost to pre-summer cooling demand, while a weekly EIA report came in slightly-below forecasts, and both of those issues led to increased buying of the commodity.

 Write to Amy Pessetto at amy.pessetto@dowjones.com 

(END) Dow Jones Newswires

06-10-21 1642ET

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