Energy Shares Fall as Oil Prices Slide on Higher Stockpiles -- Energy Roundup
Energy shares lost ground as the price of oil slumped.
U.S. crude futures fell after the U.S. Energy Information Administration reported oil stockpiles rose for the first time in nine weeks. Gasoline inventories also rose, raising fears U.S. drivers won't use up the glut of crude and fuel over the summer. Separately, a U.S. Department of Energy report showed the U.S. was the top producer of oil and natural gas for the fifth year. Despite output declines in 2016 over 2015 levels, the U.S. still pumped more petroleum and gas than any other country. The U.S. became the top gas producer in 2009 and it has been the world's top producer of petroleum since 2013, when it overtook Saudi Arabia, the report said.
Meanwhile, Russia's sale of one-fifth of its state-owned oil company to Qatar and commodities giant Glencore PLC last year had an unusual provision: Moscow and Doha agreed Russia would buy a stake back, people familiar with the matter said.
Russian President Vladimir Putin hailed the EUR10.2 billion ($11.5 billion) sale of the PAO Rosneft stake in December as a sign of investor confidence in his country. But people with knowledge of the deal say it functioned as an emergency loan to help Moscow through a budget squeeze.
Amy Pessetto, firstname.lastname@example.org
(END) Dow Jones Newswires
June 07, 2017 18:38 ET (22:38 GMT)