DJ News Highlights: Top Energy News of the Day

· 02/05/2021 07:00

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 RisesLime 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-HighBlackstone-Backed Gas Plant Owner Files for Bankruptcy to Cut $800 Million in DebtRWE Preliminary Earnings Beat GuidanceOil on Course for Sharp Weekly Gains as Physical Market Tightens

Oil's rally continued in European trade, with both benchmarks on course to close the week 8%-9% higher after investors cheered strong OPEC+ compliance, lower inventories and signals of upbeat physical demand.

RWE has reported preliminary results, with most of its key profit metrics ahead of guidance, boosted by an improvement in supply and trading operations.

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

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.

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 07:00 ET (12:00 GMT)