US Natural Gas Futures Fall 2.5% to One-Week Low on Demand, Output Concerns
XOM sits 48% above its 52-week low of $102.675 on light trading volume (0.4× avg).
Summary
US natural gas futures for July delivery dropped 2.5% to a one-week low of $3.147 per mmBtu. This decline is attributed to forecasts of lower demand next week and a slight increase in output. Ongoing maintenance at several LNG export plants, including ExxonMobil/QatarEnergy's Golden Pass facility, is also impacting market flows. Lower natural gas prices negatively affect Exxon Mobil's revenue and profitability from its significant natural gas production and LNG export operations.
At the time of this announcement, XOM was trading at $151.78 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $629.1B. The 52-week trading range was $102.68 to $176.41. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.