AMPS - Energy shares rise with oil futures as U.S. reserves sink to 35-year low

Shares of energy companies rose alongside oil futures this week, as investors shrugged off talk of a global economic slowdown and pivoted toward bullish issues such as low supplies of refined fuels in the U.S. and elsewhere. June WTI crude oil (CL1:COM) scored its fourth straight weekly gain, +2.4% to $113.23/bbl, while U.S. natural gas futures (NG1:COM) rose for the third time in the last four weeks, above $8/MMBtu and within sight of multiyear highs. "What remains true across global markets is that inventories are low, particularly for products," Schneider Electric's Robbie Fraser said, a challenge that is "likely to persist as northern hemisphere summer travel demand is poised for a boost to gasoline, diesel and jet fuel demand over the weeks and months ahead." The U.S. government's strategic petroleum reserves have sunk to a 35-year-low 538M barrels, after the Biden administration began selling reserves last year in a mostly

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Energy shares rise with oil futures as U.S. reserves sink to 35-year low