Shares of energy companies have witnessed a decline in recent trading sessions as investors have shifted their focus away from sectors that typically perform well during inflationary periods.
Wholesale Inflation Rate Slows Down in June
Data from the Labor Department indicates that the rate of wholesale inflation recorded a slowdown, amounting to only 0.1% on an annual basis for the month of June.
Saudi Arabia’s Oil Production Decreases, Losing Top Spot in OPEC+ Alliance
The International Energy Agency (IEA) has predicted that Saudi Arabia will soon be surpassed by Russia, relinquishing its long-held position as the largest oil producer within the OPEC+ alliance. This is due to Saudi Arabia’s adherence to production cuts, which are gradually tightening the oil market. Coincidentally, this shift occurs just as oil prices appear to be rebounding.
Denbury Shares Weaken Following Exxon Mobil Acquisition Deal
Denbury shares have experienced a slight decline in response to Exxon Mobil’s agreement to acquire the pipeline operator. The deal, valued at approximately $4.9 billion, offers a modest premium compared to Denbury’s closing price on Wednesday.
Natural Gas Futures Dip Despite Increased Demand
Despite a surge in demand caused by extreme heat conditions across much of the United States, natural gas futures have fallen by 3.3% to $2.55 per million British thermal units. This decline reverses some of the gains made in previous trading sessions.
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