Energy Shares Slip on Storm Threat — Energy Roundup
Energy company shares edged lower on the approach of tropical storm Helene, which is projected to reach the northeastern U.S. Gulf coast as a major hurricane late Thursday. The Bureau of Safety and Environmental Enforcement said about 284,000 barrels a day of oil were shut in so far due to platform evacuations in the Gulf of Mexico.
Oil prices were boosted by stimulus measures unveiled by the Chinese central bank that should help to ease some concerns about demand. "The effort is expected to reinvigorate Chinese consumer sentiment, however, there is skepticism by many analysts that this may not boost internal demand enough to boost crude prices, but instead provide a stronger floor for oil," Alex Hodes of StoneX said.
Write to Patrick Sullivan at patrick.sullivan@wsj.com
(END) Dow Jones Newswires
September 24, 2024 17:52 ET (21:52 GMT)
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