Shares of energy companies rallied as the storming of the Capitol in Washington DC appeared to be a one-off event and after an unexpectedly large drawdown in oil inventories.
The Energy Information Administration reported that U.S. crude inventories fell by 8 million barrels for the week ended Jan. 1, far surpassing analyst expectations.
Even as the most severe outbreaks of Covid-19 in the pandemic to date hit large swathes of the American south, people are traveling more than at any time since the lockdowns in March, stoking demand for jet fuel and gasoline.
Another catalyst for oil prices was the surprise unilateral reduction of Saudi Arabian production, unveiled earlier this week.
Natural-gas prices rose for a fifth straight session as weather forecasters predicted lower temperatures across much of the nation in late January.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-07-21 1654ET
