Shares of energy producers ticked up as energy installations all around the Gulf of Mexico braced for a hurricane heading towards the Texas shore.
Oil futures ticked down, however, as traders sloughed off a report of a drop in U.S. inventories. Analysts at S&P Global Platts said that the long-standing oil glut was slowly diminishing but that, "traders already appear to be looking ahead to next month, when crude stocks typically build as refinery demand fades when units are taken offline for the fall maintenance period," as reported earlier.
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Offshore-drilling services company Seadrill, which is controlled by Norwegian billionaire John Fredriksen, said it will likely file for bankruptcy protection next month as part of a plan to restructure around $10 billion in debt.
-Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
August 24, 2017 16:43 ET (20:43 GMT)