Energy shares slipped as oil prices fell, near lows going back to last year with traders still fearing the implications of an unexpected addition to U.S. crude inventories from last week. Thursday's losses added just slightly to Wednesday's, which were the steepest in three months. U.S. government data Wednesday showed stockpiles unexpectedly growing again after a long stretch of drawdowns. The market did briefly rebound Thursday--likely from bearish traders closing out profitable bets--but its swift retreat again may demonstrate bloated stockpiles are still the dominant factor waylaying the rally many expected.
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Meanwhile, natural gas prices rebounded from a dip to near three-month lows as hot weather is supporting optimism for strong demand and rising prices.
(END) Dow Jones Newswires
June 08, 2017 18:20 ET (22:20 GMT)