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News Highlights: Top Energy News of the Day

11/25/2020 | 11:16am
Oil prices extend rise on COVID vaccine optimism 

Oil prices continue to steam higher Wednesday, shrugging off an unexpected rise in U.S. crude inventories, as investors remain focused on optimism over a COVID-19 vaccine.

Natural Gas Slips Ahead of EIA Data 

Natural gas prices were lower after three consecutive sessions of increases, as investors awaited potentially-bearish, weekly EIA storage data.

Exxon Documents Reveal More Pessimistic Outlook for Oil Prices 

The Texas oil giant has lowered its outlook on oil prices, suggesting it expects the fallout from the coronavirus pandemic to linger for much of the next decade.

Big Oil's Lessons for the New Green Supermajors 

The decline of oil and gas supermajors over the past two years has been matched by the rise of previously obscure utility companies. In Europe, Enel and Iberdrola have emerged as green-energy giants, in part by taking leaves out of the big-oil playbook.

Tullow Oil to Focus on West Africa 

Tullow Oil said it will focus 90% of future investments on West Africa and expects its new strategy to generate around $7 billion of operating cash flow over the next decade.

Energy & Utilities Roundup: Market Talk 

The latest Market Talks covering Energy and Utilities

Europe's Biggest Utility Company to Ramp Up Spending on Wind, Solar Power 

Enel plans to spend around $83 billion expanding its presence in wind and solar power in the coming decade, seeking to cement its position as the world's largest renewable energy producer outside China and capitalize on the shift to green energy.

Analysts Expect Small Withdrawal From Natural-Gas Storage 

Government data due Wednesday are expected to show that U.S. natural-gas inventories decreased last week by a smaller-than-normal 8 billion cubic feet as unseasonably warm weather hurt demand.

New Energy Capital Sees Renewable-Energy Incentives Gaining Under Biden 

New Energy Capital Partners expects President-elect Joe Biden to give a boost to the renewable energy sector by extending incentives just as the private-equity firm seeks to invest a $500 million credit fund focused on the sector.

Sasol Divests Texas-Based Gemini 

Sasol has agreed to sell its 50% stake in Texas-based polyethylene business Gemini for $404 million, in its latest move to focus on specialty chemicals and reduce debt.

(END) Dow Jones Newswires

11-25-20 1115ET

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