Shares of energy companies fell as investors continued to get their fingers burned on one of the biggest laggards on the S&P 500 in the last couple of years.
The energy sector has seen the biggest inflow of any of the 11 S&P 500 industry group in recent weeks, according to one brokerage. "Energy stocks also may benefit from provisions for domestic manufacturers in the tax bill," said strategists at brokerage Bank of America Global Research.
Oil futures rose slightly amid signs the OPEC+ cartel would keep production steady through 2026 following a meeting at the ministerial level.
The Trump administration granted Chevron a narrow license to preserve its oil-producing assets in Venezuela after the company's Biden-era waiver to pump oil there expired Tuesday, The Wall Street Journal reported.
Natural-gas pipeline company Williams is set to try again to build the Constitution and Northeast Supply Enhancement pipelines, which would shuttle natural gas from Appalachian gas fields throughout the Northeast. Natural gas futures fell sharply as early-summer weather forecasts were clement for most of the nation.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
May 28, 2025 17:10 ET (21:10 GMT)
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