Shares of energy companies have taken a hit as the price of oil continues to decline due to concerns about oversupply. U.S.-traded oil futures have slipped for the sixth consecutive session, closing down by a mere 4 cents at $69.34 per barrel.
Energy Industry ETF Shows a Dip
Reflecting this downward trend, the SPDR Select Sector Energy exchange-traded fund, which tracks the energy industry group of the S&P 500, has seen a decline of 3.6% in year-to-date performance.
Australian Energy Giants Discuss Merger
In a bid to compete with Qatar as the world’s largest exporter of liquefied natural gas, Woodside Energy and Santos, the two largest Australian energy companies based on market capitalization, are engaging in discussions regarding a potential merger. This merger, if it materializes, could create a new global powerhouse valued at approximately $52 billion.
Gaza Conflict Puts Israel at Odds with Biden Administration
The ongoing fight to control the Southern Gaza city of Khan Younis is presenting a potential clash between Israel and the Biden administration. The administration has urged Israel to take measures to minimize civilian casualties and alleviate humanitarian hardships in Gaza.