News Highlights: Top Energy News of the Day

Features Dow Jones Newswires

Oil Rally Stalls After Five Days

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A five-day rally in oil prices paused as investors awaited OPEC's decision about extending production cuts.

U.S. Oil Inventories Drop More Than Expected

U.S. crude-oil supplies fell by 4.4 million barrels for the week ended May 19, twice what analysts were expecting, while gasoline and other fuel supplies also declined, according to EIA data.

OPEC Tries to Solidify Pact With Non-OPEC Producers

OPEC ministers say they are trying to solidify their coalition of producers from outside the cartel, throwing a lavish dinner and suggesting their work with non-OPEC nations like Russia could extend beyond this year or next.

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Analysts See 71 Billion Cubic Feet Addition to U.S. Natural Gas Inventories

Analysts expect government data scheduled for release Thursday to show natural gas stockpiles grew by 70.5 billion cubic feet, about 20% less than normal for this time of year.

OPEC Boss Embraces Shift to Top Diplomat

During a turbulent year for oil prices, OPEC chief Mohammad Barkindo has embraced a role as the global energy industry's chief diplomat, reaching beyond the group in a way few of the cloistered cartel's officials have in the past.

How American Shale Drillers Flipped OPEC's Script

When OPEC agreed to curtail production to bolster crude prices, it was betting U.S. shale drillers would be too weak to fill the void. But with Wall Street behind them, American producers have put the cartel on its heels.

Dong Energy Sells Oil & Gas Unit for Up to $1.3B

Danish utility Dong Energy, part-owned by Goldman Sachs, announced it is selling its upstream oil and gas business to INEOS for up to $1.3 billion.

Seadrill Says Debt Restructuring Talks Are Progressing

Offshore drilling services company Seadrill Ltd. has made "significant progress" with its banks on the terms of a debt restructuring plan that will likely require filing for bankruptcy in the U.S. or U.K.

Does the U.S. Still Need to Hoard Oil in Reserve?

President Donald Trump's proposal to help reduce the national debt by selling down more of the U.S. emergency oil stockpile has revived questions about whether the reserves are still crucial to the country's economic security.

Brazil's Odebrecht Energy Unit Renegotiates $5 Billion in Debt

Troubled engineering conglomerate Odebrecht SA's oil and gas arm said late Tuesday it has entered into an agreement with a group of creditors to restructure its financial debt.

(END) Dow Jones Newswires

May 25, 2017 04:15 ET (08:15 GMT)