Shares of energy companies rose as natural-gas futures offset another slip for oil futures.
Any talks between the U.S. and Russia on a cease-fire in Ukraine are likely to be drawn-out due to Russian President Vladimir Putin's stated demands, The Wall Street Journal reported.
Natural-gas futures continued a recent winning streak, based on cooling weather in much of the U.S.
The International Energy Agency modestly raised its forecast for global oil-demand growth and said improved compliance with output quotas among members of the OPEC+ alliance is reducing a projected supply surplus in the market.
Crude oil prices are stuck in a range "between sanctions, tariffs and OPEC+," said strategists at brokerage BNP Paribas. Sanctions on oil producers such as Iran and "continued OPEC restraint" are likely to be bullish factors, said the BNP strategists, while tariffs could be bearish for prices. In a long-term outlook, strategists at Bank of America forecast that global oil consumption would peak in the early 2030s due to the rise of electric vehicles and renewable fuels, and an uncertain world economy.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
February 13, 2025 17:18 ET (22:18 GMT)
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