Energy Rises With Oil Futures - Energy Roundup

Shares of energy companies rose alongside oil futures in the wake of supply data and simmering tensions between Iran and Israel.

Israel assessed the damage wrought by missiles fired from Iran on Tuesday, and vowed to respond, feeding fears of a wider conflict that would affect the oil market.

In its weekly report released Wednesday, the Energy Information Administration said crude oil stocks excluding the Strategic Petroleum Reserve rose 3.9 million barrels to 416.9 million. Analysts surveyed by The Wall Street Journal this week had forecast stocks to fall 500,000 barrels to 412.5 million barrels.

Oil futures ticked up, and topped the psychologically significant $70 per barrel level.

French oil giant TotalEnergies slightly raised its target for annual oil and gas production, and stuck to its shareholder return policy.

The Saudi oil minister has said that prices could drop to as low as $50 per barrel if so-called cheaters within OPEC+ don't stick to agreed-upon production limits, according to delegates in the cartel.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

October 02, 2024 17:08 ET (21:08 GMT)

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