Selling in oil stocks as crude prices slow. Eni slips
For the sector, however, this is an opportunity to take a breather following the recent rallies: since the start of the year, performance has remained largely positive
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(Il Sole 24 Ore Radiocor)- The fall in oil prices, driven by hopes that the end of the war in Iran is near, is weighing on energy sector shares, the only ones in the red on the Milan Stock Exchange. Across the continent, moreover, the Stoxx Oil & Gas sub-index is the only one to post a negative performance. Among the leading Milanese stocks, Eni , Tenaris and Saipem are trading lower. For the sector, however, this is an opportunity to catch its breath after the recent rallies: since the start of the year, performance has remained largely positive, with Eni up 43.74%, Tenaris up 61.7% and Saipem up as much as 91.7%. Elsewhere in Europe, in Paris TotalEnergies is in negative territory, in Madrid it is the same story for Repsol and in London for BP and Shell. The price of oil is at its lowest since mid-April: July WTI and August Brent futures have fallen by almost 3% after US President Donald Trump declared that he had ‘ended the war’; according to rumours, the peace agreement could be signed this weekend in Geneva.
