Shares of energy companies fell, but not by as much as the broad market, as oil-and-gas futures rose.

Oil futures settled just above $60 per barrel in New York on reports of a production halt in Kazakhstan's major Tengiz oilfield due to power outages.

One strategist said recent weakness in oil futures is likely to linger.

"You could make the argument for some structural headwinds in the oil industry over the next few years," said Eric Marshall, president of Dallas mutual-fund firm Hodges Capital. "Venezuela is potentially bringing on more supply...you've seen exponential growth in Permian Basin production; Iran's a wild card."

The dynamics in natural-gas markets are different, Marshall said.

Natural-gas futures surged Tuesday, rising 26% to $3.91 a million British thermal units in anticipation of a bitter cold stretch in the Northeastern part of the U.S.

The oversupply of oil could lead to wells being shut-in in the Permian Basin, which would also affect natural gas production, said Marshall.

"Gas is an ancillary product...so if oil prices go down, you could see oil and gas production out there go down," the strategist said. "There's plenty of oil coming on ships from overseas. But natural gas is not an import-export market."

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

January 20, 2026 17:10 ET (22:10 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.