Published: June 16, 2023 at 5:34 p.m. ET
Shares of energy companies slipped even as oil futures rose, with U.S. benchmark prices posting a gain of more than 2% for the week.
Crude prices continued to find support after The Wall Street Journal on Thursday reported that Chinese authorities were preparing aggressive economic stimulus measures. Disappointment in the economic rebound by the world’s second-largest energy consumer has been a weight on crude prices this year.
Natural…
Shares of energy companies slipped even as oil futures rose, with U.S. benchmark prices posting a gain of more than 2% for the week.
Crude prices continued to find support after The Wall Street Journal on Thursday reported that Chinese authorities were preparing aggressive economic stimulus measures. Disappointment in the economic rebound by the world’s second-largest energy consumer has been a weight on crude prices this year.
Natural gas futures rose as a heat wave is expected in parts of the U.S. and after a lower-than-forecast increase on storage triggered some short covering.
In good news for road-trippers, gas prices appear likely to be lower for this summer’s driving season after last year’s oil spike caused widespread pain at the pump. A gallon of regular averaged about $3.58 on Friday, according to AAA, down from a record high of $5 a year ago when the war in Ukraine sent energy markets into a tailspin and fanned the flames of inflation globally.
Write to Amy Pessetto at amy.pessetto@dowjones.com
Read More: Energy Shares Fall Even as Oil Prices Climb — Energy Roundup