Shares of Occidental Petroleum (NYSE: OXY), Devon Energy (NYSE: DVN), and Phillips 66 (NYSE: PSX) fell hard on Wednesday, down 4.3%, 6.1%, and 4.6%, respectively. Although oil prices were trading higher in the morning, they fell by the late afternoon, down around 2% as of this writing. It appears today was a day of recession fears, as first-quarter U.S. GDP figures were revised downward, and Fed Chair Jay Powell reiterated his hawkish posture at a conference in Europe.
Upon the deal closure, Equinor (EQNR) and SSE Thermal will own and operate Triton Power with equal opportunities.
Bob Iaccino, Path Trading Partners co-founder, joins Yahoo Finance Live to discuss French President Emmanuel Macron's remarks to President Biden, the outlook for oil and gas prices, demand destruction, and the energy markets.