Shares of energy producers fell as traders digested a buildup in refined products reported Wednesday. "The gasoline is a market in dire need of a major reduction in U.S. refinery activity and such a development is not currently showing up on the radar," said Jim Ritterbusch, president of energy-advisory firm Ritterbusch & Associates. Oil futures closed below $45 a barrel, lingering around the lows of the year. Since December, employment in the Permian Basin oilfields in West Texas has increased by 1,500 jobs, the Dallas Federal Reserve said. The Permian field is one of the few in the U.S. where drilling -- conventional and unconventional -- remains profitable at these price levels.
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(END) Dow Jones Newswires
June 15, 2017 16:20 ET (20:20 GMT)