Shares of energy companies edged down but remained strong for the year after a mixed performance for energy commodities.
SPDR Select Energy exchange-traded fund, which tracks the Standard & Poor’s 500 energy sector group, rose around 46% in 2021, one of the biggest gains on record for a notoriously volatile industry .
Less than 18 months ago, the price of oil fell below zero in New York futures trading. Oil futures closed 2021 at just under $ 77 a barrel, completing a scorching run with seven straight sessions of gains.
Natural gas futures, which have entered a downtrend in recent months after surging earlier in the year, tumbled again in the last trading session of 2021.
Gas futures fell 7% to $ 3.60 per million British thermal units on Thursday as hopes faded that the onset of winter conditions in parts of the United States would stimulate demand. Recent snowstorms have concentrated in sparsely populated areas in the west, including the Sierra Nevada, while urban centers in the northeast still experience a relatively mild winter.
The meeting scheduled for Thursday between President Biden and Russian President Vladimir Putin is part of a pressure tactic the Russian leader is using to try to redraw post-Cold War arrangements in Europe, analysts told The Wall. Street Journal.
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(END) Dow Jones Newswires