Shares of energy producers fell as mixed inventory data stalled a runup in oil prices.
The U.S. Energy Information Administration reported crude inventories fell by 5.7 million barrels last week, more than the 3.2 million barrels that analysts were expecting, according to a survey by The Wall Street Journal. But some of that was driven by a sharp but temporary decrease in oil output as offshore producers shut in around Hurricane Nate, which hit the Gulf Coast earlier in October. U.S. production fell nearly 1.1 million barrels a day last week, according to the EIA.
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Vivo Energy Investments, which sells Royal Dutch Shell's fuels and lubricants under license in Africa, is seeking to raise capital in an initial-public offering that would value the company at more than $3 billion, The Wall Street Journal reported.
Meanwhile, Ascent Resources, the Appalachian oil-and-gas explorer founded by late oilman Aubrey McClendon in partnership with investment firms, is preparing for an IPO or a sale, The Wall Street Journal reported.
Rob Curran, email@example.com
(END) Dow Jones Newswires
October 18, 2017 17:21 ET (21:21 GMT)