Energy Falls As Traders Unwind Bullish Bets - Energy Roundup

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Shares of energy producers fell as traders backed out of bets on rising oil prices that had been laid in advance of last week's OPEC meeting. Exxon Mobil shareholders delivered a major rebuke to the oil giant Wednesday, calling for the company to share more information about how climate change and regulations could impact its operations. The company gave a rough estimate, saying that even under a scenario where there was restrictive regulations, oil and gas spending would remain high. President Donald Trump, meanwhile, was leaning toward pulling out of the Paris climate accord, The Wall Street Journal reported. This could slow a shift to renewable energy sources, though analysts argue that some of that shift is driven by economics. U.S. shale producers and services companies will have a tough time enticing workers back to the oil patch, according to consultancy BMI Research.

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-Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

May 31, 2017 16:34 ET (20:34 GMT)