Shares of energy companies fell as natural-gas futures eased following a recent spike.
Natural gas futures slid 7% to $8.15 per million British thermal units, their biggest drop since June, as fears of an energy crisis in Europe percolated.
Natural gas futures hit all-time highs in Europe as Russia shut down the Nord Stream pipeline Monday, fulfilling fears that President Vladimir Putin would fully weaponize energy supplies going into the winter heating season. Traders may have booked profits Tuesday as natural gas prices slipped worldwide.
Brent oil futures gave back some of Monday's gains that came on the heels of a small production cut from the OPEC+ cartel as Saudi Arabia sharply reduced the prices of oil exports to Europe and Asia for October.
Sitio Royalties and Brigham Minerals struck a roughly $4 billion merger deal to form one of the largest publicly traded mineral and royalty companies in the U.S.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
09-06-22 1705ET
