Shares of energy producers rose as oil futures briefly ticked above the $50-per-barrel level for the first time in a month after an international monitor issued a strong demand forecast.
The International Energy Agency said global oil supplies dropped for the first time in four months in August, by 720,000 barrels a day, while raising its oil demand growth forecast to 1.6 million barrels a day for the full year.
"Surging U.S. prduction has helped keep crude-oil prices from getting much above $50 a barrel over the last few months," said Joe Kinahan, chief market strategist at TD Ameritrade. "Eyes will probably be on this week's oil rig count, due Friday, to see if U.S. producers were able to add new capacity, in light of the hurricane."
While Hurricanes Harvey and Irma didn't hit oil-producing regions directly, Houston is the command-and-control center for much of the U.S. industry.
EQT said it would explore its options as pressure builds from activist shareholders to split up the energy company, which plans to acquire rival Rice Energy for $6.7 billion. Hedge fund D.E. Shaw Group called for EQT, which sports a market capitalization of about $10 billion, to separate its pipeline business from its exploration and production operations.
Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
September 14, 2017 17:19 ET (21:19 GMT)