DJ News Highlights: Top Energy News of the Day

· 02/05/2021 04:00

BP Energy Backs Move to Expand Midmarket Power SupplierMexico's Top Court Sets Back President's Electricity StrategyU.S. Crude Oil Inventories Decline as Refinery Activity RisesEnergy & Utilities Roundup: Market TalkLime Rock Banks More Than $100 Million So Far for Debut Clean-Energy FundShell Posts Loss but Eyes Recovery This YearVale Agrees to $7 Billion Settlement for Brumadinho Dam CollapseNatural Gas Ends at Nearly 3-Month-HighOil futures extend their streak of gains, hold ground at highest prices in a yearBlackstone-Backed Gas Plant Owner Files for Bankruptcy to Cut $800 Million in Debt

Frontera Holdings, the owner of a natural gas plant near the U.S.-Mexico border, filed for bankruptcy.

Oil futures their streak of gains on Thursday, with prices underpinned by expectations that OPEC and its allies will continue to keep a lid on output, as the global economy makes headway toward a recovery from the COVID-19 pandemic.

Natural gas prices rocketed higher late in the session to end at their highest level since Nov. 13, closing up 5.2% at $2.935/mmBtu.

The miner will compensate the state of Minas Gerais, where the disaster two years ago killed 270 people and left widespread environmental damage, in the largest settlement in Brazilian history.

The oil giant reported a fourth-quarter loss as it continued to grapple with the fallout of the pandemic but said it would raise its dividend, forecasting a recovery in demand later this year.

The Westport, Conn.-based firm, which previously was focused exclusively on the oil-and-gas sector, is seeking $600 million for the growth-equity fund, Lime Rock New Energy LP, said Managing Director Mark McCall, who co-leads the strategy.

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U.S. inventories of crude oil declined a bit more than expected last week as refinery activity sped up, according to weekly data released Wednesday by the Energy Information Administration.

Mexico's Supreme Court rules that regulatory changes in the country's electricity market that give priority to the state-owned utility over private power generators is unconstitutional.

Catalyst Power, which BP Energy financed with a commitment of as much as $60 million, seeks to become an alternative electricity provider to midmarket businesses.

(END) Dow Jones Newswires

February 05, 2021 04:00 ET (09:00 GMT)