Energy Shares Down As Oil Rally Stalls At $50 - Energy Roundup

Shares of energy producers gave back some of their recent gains as the recent rally in oil futures stalled around the $50-a-barrel level. The U.S. Energy Information reported that oil inventories fell by 1.5 million barrels last week, but that was less than half of the 3.1 million barrel drop that forecasters surveyed by The Wall Street Journal had predicted. Gasoline stockpiles fell by more than forecast, however. Pioneer Natural Resources fell sharply after the Texas driller, which had been among the strongest in the sector because of its strong position on the revived Permian Basin oilfield, deferred the production date of some wells on the field.

-Rob Curran,

(END) Dow Jones Newswires

August 02, 2017 16:31 ET (20:31 GMT)