News Highlights: Top Energy News of the Day

Features Dow Jones Newswires

Oil Falls as Floods Shut Down Texas Refineries

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Oil prices fell and gas futures continued to soar as Tropical Storm Harvey flooded the Texas Gulf Coast, crippling the region's refining capacity and raising fears of fuel shortages.

U.S. Crude-Oil Supplies Seen Decreasing

U.S. crude-oil inventories are expected to show a decrease of 1.8 million barrels in data due Wednesday from the Department of Energy. Gasoline stockpiles are expected to show a decrease of 1.5 million barrels.

Harvey Forces U.S.'s Largest Refinery to Cut Output to 40% Capacity

The nation's largest refinery in Port Arthur, Texas, said late Tuesday it has reduced its production rate to 40% capacity, as refineries up and down the Texas coast battle the effects of Tropical Storm Harvey, which first hit the state Friday as a hurricane.

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Utilities Shares Rally in August as U.S. Stock Market Stalls

One sign that investors are playing defense in August: Utilities stocks are leading gains in the S&P 500 this month and are outperforming the broader index in 2017, after the group lagged behind earlier this year.

Beijing Shows Its Power With China's Latest Megamerger

The combination of the country's leading coal miner and power producer is the clearest sign yet of Chinese leaders' desire to enhance the role of big state-owned companies.

Peabody Wants to Be Dropped From Climate Change Lawsuits

Coal producer Peabody Energy Corp. says its recent emergence from bankruptcy shields it from lawsuits brought by three coastal California communities against fossil fuel companies over rising sea levels.

Cantor Fitzgerald Stops Trading Venezuelan Bonds

Cantor Fitzgerald LP stopped trading Venezuelan debt Tuesday, days after the Treasury Department slapped financial sanctions on the country for undermining democracy.

East Coast May Face Fuel Shortages After Storm Disrupts Major Pipeline

Flooding in Texas has disrupted the flow of fuel on a major pipeline that moves gasoline, diesel and jet fuel to the East Coast.

Harvey's Widespread Destruction Tests U.S. Shale

Tropical Storm Harvey has shut a significant portion of the state's shale production, cutting off as much as 15% of U.S. oil supplies. Now, the big question is how quickly the sector can make a comeback.

Renault-Nissan to Produce Electric Vehicle in China

The French and Japanese car makers are teaming up with Chinese auto maker Dongfeng to make a battery-powered automobile in the world's biggest car market, where EV sales are expected to rise.

(END) Dow Jones Newswires

August 30, 2017 07:15 ET (11:15 GMT)