Shares of energy producers rose as oil futures hit a two-year high around $58 a barrel.
"Suddenly, the oil glut that many had predicted would last forever has turned into a very tight market," said Phil Flynn senior market analyst for Price Futures Group. "Oil futures are in contango for the first time since 2014 as refiners bid up the front months of oil to try to secure supply to meet surging global oil demand."
Mr. Flynn referred to a condition in futures markets where later-dated contracts are more expensive than short-dated ones, typically interpreted as a bullish pattern. Further, Mr. Flynn noted "there is already talk of diesel shortages driving up spot prices in some areas" of the U.S.
Exxon Mobil, BP and six other big energy companies have teamed up to explore methods of reducing emissions from natural-gas production, as industry leaders seek to shore up their credibility on environmental issues. Four American Citgo Petroleum executives were among those arrested in Venezuela for alleged corruption.
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(END) Dow Jones Newswires
November 22, 2017 16:37 ET (21:37 GMT)