Shares of energy companies rallied as oil prices rebounded from a recent correction.
Oil futures rose by more than 8% in New York to $102.98 a barrel as the siege of key Ukrainian port Mariupol intensified, dashing hopes of progress in peace negotiations.
Gains in some refined products were even stronger. Diesel futures rose almost 13% to $3.50 a gallon after surprisingly weak supply data in key fuel hub Singapore, while U.S supplies of the distillate remain near eight-year lows.
Natural gas futures also surged, rising 5% to just under $5 a million British thermal units in the wake of stockpile data and forecasts for more cool weather.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-17-22 1629ET
